GWO.PR.N To Be Extended

Great-West Lifeco Inc. has announced (on 2025-11-13):

that it does not intend to exercise its rights to redeem its outstanding Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series N (“Series N Shares”) on December 31, 2025. As a result and subject to certain conditions, holders of Series N Shares have the right to convert all or any of their Series N Shares into Non-Cumulative Floating Rate First Preferred Shares, Series O (“Series O Shares”) on a one-for-one basis on December 31, 2025.

Lifeco will send a formal notice of this conversion right to the registered holder of the Series N Shares in accordance with the terms and conditions attached to the shares. Holders of Series N Shares who do not exercise their conversion right will retain their Series N Shares.

The conversion right is subject to the following conditions: (i) if Lifeco determines that, after having taken into account all shares tendered for conversion, there would be less than one million Series O Shares outstanding on December 31, 2025, no Series N Shares may be converted into Series O Shares; and (ii) alternatively, if Lifeco determines that, after having taken into account all shares tendered for conversion, there would be less than one million Series N Shares outstanding on December 31, 2025, then all remaining Series N Shares will automatically be converted into Series O Shares on a one-for-one basis on December 31, 2025. In either case, Lifeco will give written notice to that effect to any registered holder affected by the preceding conditions on or before Wednesday, December 24, 2025.

The dividend rate applicable to the Series N Shares for the five-year period commencing on December 31, 2025 and ending on December 30, 2030, and the dividend rate applicable to the Series O Shares for the three-month period commencing on December 31, 2025 and ending on March 30, 2026, will be determined on Monday, December 1, 2025 and written notice of these rates will be given to the registered holder of the Series N Shares on that day.

Beneficial owners of Series N Shares who wish to convert their shares into Series O Shares should communicate as soon as possible with their broker or other nominee to ensure their instructions are followed, so that the registered holder of the Series N Shares can meet the deadline to exercise the conversion right, which is 5:00 p.m. (ET) on Tuesday, December 16, 2025.

Lifeco may redeem the Series N Shares, in whole or in part, on December 31, 2030 and on December 31 every five years thereafter for $25.00 per share plus declared and unpaid dividends. Lifeco may redeem the Series O Shares, in whole or in part, on any date for $25.50 per share plus declared and unpaid dividends, unless such Series O Shares are redeemed on December 31, 2030 or on December 31 every five years thereafter, in which case the redemption price will be $25.00 per share plus declared and unpaid dividends.

GWO.PR.N was issued as a FixedReset, 3.65%+130, that commenced trading 2010-11-23 after being announced 2010-11-15. The issue was met with disfavour and there was an inventory clearance sale closing 2010-12-3. After a notice of extension the issue issue reset to 2.176% in 2015. I recommended against conversion; there was a 15% conversion to the FloatingReset GWO.PR.O anyway. The company provided another notice of extension in November, 2020. The issue reset to 1.749% effective 2020-12-31 and there was a forced conversion from GWO.PR.O to the FixedReset. The issue is tracked by HIMIPref™ and is assigned to the FixedReset (Insurance) subindex.