Great-West Lifeco Inc. has announced:
that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, RBC Capital Markets, and Scotiabank pursuant to which the underwriters have agreed to purchase, on a bought deal basis, 6,000,000 Non-Cumulative First Preferred Shares, Series 24 (the “Series 24 Shares”) from Great West for sale to the public at a price of C$25.00 per Series 24 Share (the “Issue Price”), representing aggregate gross proceeds of C$150 million. The Series 24 Shares will yield 5.70% per annum, payable quarterly, as and when declared by the Great West Board of Directors.
Great West has also granted the underwriters an option, exercisable up to 48 hours prior to closing, to purchase up to an additional 2,000,000 Series 24 Shares (C$50 million) at the Issue Price. Should the underwriters’ option be exercised in full, the total gross proceeds of the offering will be C$200 million.
The net proceeds of the offering will be used for general corporate purposes. The offering is expected to close on or about June 22, 2026 and is subject to customary closing conditions.
Access to Offering Documents
The Series 24 Shares will be offered in Canada by way of a prospectus supplement (the “Prospectus Supplement”) to Great West’s short form base shelf prospectus (the “Shelf Prospectus”) dated December 23, 2025. Access to the Prospectus Supplement, the Shelf Prospectus and any amendments to the documents is provided in accordance with securities legislation relating to procedures for providing access to a prospectus supplement, a base shelf prospectus and any amendment. The Shelf Prospectus is, and the Prospectus Supplement will be (within two business days of the date hereof), accessible on SEDAR+ at www.sedarplus.ca. An electronic or paper copy of the Prospectus Supplement, the Shelf Prospectus and any amendment to the documents may be obtained, without charge, from BMO Capital Markets, by mail at Brampton Distribution Centre c/o The Data Group of Companies, 9195 Torbram Road, Brampton, ON, L6S 6H2, by telephone at 905-791-3151 Ext 4312, or by email at torbramwarehouse@datagroup.ca, by providing the contact with an email address or address, as applicable. The Shelf Prospectus and Prospectus Supplement contain important, detailed information about the Corporation and the proposed offering of Series 24 Shares. Prospective investors should read the Shelf Prospectus and Prospectus Supplement (when filed) before making an investment decision.
On the one hand, it’s nice to see a new issue. On the other hand, it’s from GWO and there are already lots of straights from the GWO/PWF/POW group. We want straights from other issuers! On the third hand, this might mean the the Straights market may be expensive for investors. Maybe. One swallow doesn’t make a summer, though!
Thanks to skeptical111 for bringing this to my attention!