PrefBlog

Well, it took them long enough! GWO has announced it:

is selling its U.S. health-care business to Cigna Corp. in a deal valued at US$2.25 billion, a move its CEO says is part of a strategy to focus more on the financial services sector.
…
After taxes and write-offs, Great-West Lifeco said it will have approximately US$1.6 billion from the sale that will be used to repay bridge financing related to its purchase of Boston-based Putnam Investments, LLC, which closed in August.

After a bond issue in June the refinancing of the bridge debt languished. The original intention had been to issue hybrids (probably prefs); not only has this source of supply been removed, the issuer bid for GWO.PR.E / GWO.PR.X might see a bit more activity now.

GWO has the following direct issues outstanding: GWO.PR.E, GWO.PR.F, GWO.PR.G, GWO.PR.H, GWO.PR.I & GWO.PR.X. Related issuers are POW, PWF & CL.

This entry was posted on Tuesday, November 27th, 2007 at 12:59 am and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.