{"id":3804,"date":"2008-11-06T12:02:02","date_gmt":"2008-11-06T16:02:02","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=3804"},"modified":"2008-11-06T12:02:02","modified_gmt":"2008-11-06T16:02:02","slug":"new-issue-gwo-fixed-reset-600307","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=3804","title":{"rendered":"New Issue: GWO Fixed Reset 6.00%+307"},"content":{"rendered":"<p>Great-West Lifeco <a href=\"http:\/\/www.greatwestlifeco.com\/english\/news\/lifeco_11_06_2008.pdf\">has announced<\/a> a new issue.<\/p>\n<p>Issue: Great West Lifeco Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series J<\/p>\n<p>Size: 8-million shares (=$200-million); greenshoe for 30 days following closing of 1.2-million shares (=$30-million)<\/p>\n<p>Initial Dividend: 6.00% p.a. until first Reset-Date. First dividend payable 2009-3-31 for $0.50959 based on a November 27 close.<\/p>\n<p>Reset Dates: December 31, 2013 and every five years thereafter.<\/p>\n<p>Convertible: Every reset date at holders&#8217; option to and from Series K [Floater] (subject to a minimum outstanding in each series).<\/p>\n<p>Reset Dividend: Series J [Reset] 5-Year Canadas +307bp. Series K [Floater] 3-month bills +307bp, reset quarterly.<\/p>\n<p>Redeemable: Series J [Reset] every Reset Date at $25.00. Series K [Floater] every Reset Date at $25.00 and at all other times $25.50.<\/p>\n<p>Closing: November 27, 2008<\/p>\n<p>It&#8217;s very nice to see a new GWO issue &#8211; the last one was GWO.PR.I, which started trading 2006-4-12. It&#8217;s also nice to see such a good coupon on a fixed reset &#8211; the GWO perps closed last night bid to yield in the range 6.53%-6.85% &#8230; so the give-up for the reset feature is narrowing.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Great-West Lifeco has announced a new issue. Issue: Great West Lifeco Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series J Size: 8-million shares (=$200-million); greenshoe for 30 days following closing of 1.2-million shares (=$30-million) Initial &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-3804","post","type-post","status-publish","format-standard","hentry","category-new-issues"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/3804","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=3804"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/3804\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3804"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3804"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3804"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}