{"id":19074,"date":"2012-06-28T11:37:36","date_gmt":"2012-06-28T15:37:36","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=19074"},"modified":"2012-06-28T11:37:36","modified_gmt":"2012-06-28T15:37:36","slug":"new-issue-gwo-straight-perpetual-5-15","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=19074","title":{"rendered":"New Issue: GWO Straight Perpetual 5.15%"},"content":{"rendered":"<p>Great-West Lifeco <a href=\"http:\/\/www.greatwestlifeco.com\/web5\/groups\/common\/@public\/documents\/web_content\/s7_028326.pdf\">has announced<\/a> that it:<\/p>\n<blockquote><p>has today entered into an agreement with a syndicate of underwriters co-led by BMO Capital Markets, RBC Capital Markets and Scotiabank, under which the underwriters have agreed to buy, on a bought deal basis, 6,000,000 Non-Cumulative First Preferred Shares, Series Q (the &#8220;Series Q Shares&#8221;) from Lifeco for sale to the public at a price of $25.00 per Series Q Share, representing aggregate gross proceeds of $150 million.<\/p>\n<p>Lifeco has granted the underwriters an underwriters&#8217; option to purchase an additional 2,000,000 Series Q Shares at the same offering price. Should the underwriters&#8217; option be fully exercised, the total gross proceeds of the Series Q Shares offering will be $200 million.<\/p>\n<p>The Series Q Shares will yield 5.15% per annum, payable quarterly, as and when declared by the Board of Directors of the Company. The Series Q Shares will not be redeemable prior to September 30, 2017. On or after September 30, 2017, the Company may, on not less than 30 nor more than 60 days&#8217; notice, redeem the Series Q Shares in whole or in part, at the Company&#8217;s option, by the payment in cash of $26.00 per Series Q Share if redeemed prior to September 30, 2018, of $25.75 per Series Q Share if redeemed on or after September 30, 2018 but prior to September 30, 2019, of $25.50 per Series Q Share if redeemed on or after September 30, 2019 but prior to September 30, 2020, of $25.25 per Series Q Share if redeemed on or after September 30, 2020 but prior to September 30, 2021 and of $25.00 per Series Q Share if redeemed on or after September 30, 2021, in each case together with all declared and unpaid dividends up to but excluding the date fixed for redemption.<\/p>\n<p>The Series Q Shares offering is expected to close on July 6, 2012. The net proceeds will be used for general corporate purposes and to augment Lifeco&#8217;s current liquidity position.<\/p><\/blockquote>\n<p>This will be characterized in the HIMIPref&trade; database as a <a href=\"http:\/\/www.prefletter.com\/whatPrefLetter.php\">DeemedRetractible<\/a>; which is to say, analysis will assume a maturity 2022-1-31 at 25.00, although this is not in the formal terms of the issue.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Great-West Lifeco has announced that it: has today entered into an agreement with a syndicate of underwriters co-led by BMO Capital Markets, RBC Capital Markets and Scotiabank, under which the underwriters have agreed to buy, &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":["post-19074","post","type-post","status-publish","format-standard","hentry","category-new-issues"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/19074","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19074"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/19074\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19074"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19074"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19074"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}