{"id":41745,"date":"2020-12-17T18:39:30","date_gmt":"2020-12-17T23:39:30","guid":{"rendered":"http:\/\/prefblog.com\/?p=41745"},"modified":"2020-12-17T18:39:30","modified_gmt":"2020-12-17T23:39:30","slug":"gwo-pr-n-gwo-pr-o-forced-conversion-to-fixedreset","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=41745","title":{"rendered":"GWO.PR.N \/ GWO.PR.O : Forced Conversion To FixedReset"},"content":{"rendered":"<p>Great-West Lifeco Inc. <a href=\"https:\/\/www.greatwestlifeco.com\/news-events\/news\/great-west-lifeco-reports-results-of-conversion-elections-for-non-cumulative-5-year-rate-reset-first-preferred-shares-series-n-and-non-cumulative-floating-rate-first-preferred-shares-series-o.html\">has announced<\/a>:<\/p>\n<blockquote><p>that holders of 59,830 Lifeco Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series N (the \u201cSeries N Shares\u201d) have elected to convert their shares into Non-Cumulative Floating Rate First Preferred Shares, Series O (the \u201cSeries O Shares\u201d) and that holders of 547,303 Series O Shares have elected to convert their shares into Series N Shares.<\/p>\n<p>Lifeco currently has 8,524,422 Series N Shares and 1,475,578 Series O Shares outstanding. After taking into account all shares tendered for conversion, there would be less than one million Series O Shares outstanding on December 31, 2020. As a result and in accordance with the terms and conditions attached to the shares, no Series N Shares may be converted into Series O Shares and all remaining Series O Shares will automatically be converted into Series N Shares on a one-for-one basis on December 31, 2020. Lifeco will give written notice to that effect to any registered holder on or before Thursday, December 24, 2020.<\/p>\n<p>Following the automatic conversion, Lifeco will have 10,000,000 Series N Shares and no Series O Shares issued and outstanding. The Series N Shares and Series O Shares are currently listed on the Toronto Stock Exchange under the symbols GWO.PR.N and GWO.PR.O, respectively.<\/p><\/blockquote>\n<p>GWO.PR.N was issued as a FixedReset, 3.65%+130, that <a href=\"http:\/\/prefblog.com\/?p=13101\">commenced trading 2010-11-23<\/a> after being <a href=\"http:\/\/www.prefblog.com\/?p=12987\">announced 2010-11-15<\/a>. The issue was met with disfavour and there was an <a href=\"http:\/\/prefblog.com\/?p=13177\">inventory clearance sale closing 2010-12-3<\/a>. After a <a href=\"http:\/\/prefblog.com\/?p=31178\">notice of extension<\/a> the issue <a href=\"http:\/\/prefblog.com\/?p=31435\">issue reset to 2.176%<\/a> in 2015. I <a href=\"http:\/\/prefblog.com\/?p=31559\">recommended against conversion<\/a>; there was a <a href=\"http:\/\/prefblog.com\/?p=31679\">15% conversion to the FloatingReset GWO.PR.O<\/a> anyway. The company provided another <a href=\"http:\/\/prefblog.com\/?p=41636\">notice of extension<\/a> in November, 2020. The issue will <a href=\"http:\/\/prefblog.com\/?p=41681\">reset to 1.749%<\/a> effective 2020-12-31. It is tracked by HIMIPref&trade; and is assigned to the FixedReset (Insurance) subindex.<\/p>\n<p>GWO.PR.O is a FloatingReset, Bills+130, that arose in 2015 via a <a href=\"http:\/\/prefblog.com\/?p=31679\">partial conversion from GWO.PR.N<\/a>. GWO.PR.O is tracked by HIMIPref&trade; but has been relegated to the Scraps &#8211; FloatingReset subindex on volume concerns.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Great-West Lifeco Inc. has announced: that holders of 59,830 Lifeco Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series N (the \u201cSeries N Shares\u201d) have elected to convert their shares into Non-Cumulative Floating Rate First Preferred &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-41745","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41745","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=41745"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41745\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41745"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41745"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41745"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}