{"id":4188,"date":"2008-11-27T19:45:32","date_gmt":"2008-11-27T23:45:32","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=4188"},"modified":"2008-11-27T19:45:32","modified_gmt":"2008-11-27T23:45:32","slug":"gwoprj-closes-with-greenshoe","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=4188","title":{"rendered":"GWO.PR.J Closes with Greenshoe!"},"content":{"rendered":"<p>Greatwest Lifeco <a href=\"http:\/\/www.greatwestlifeco.com\/english\/news\/lifeco_11_27_2008.pdf\">has announced<\/a>:<\/p>\n<blockquote><p>the closing of its previously announced offering of Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series J (the &#8220;Series J Shares&#8221;) priced at $25.00 per share. Following the successful sale of the initially announced offering of 8,000,000 Series J Shares, the underwriters of the offering exercised their over-allotment option to purchase an additional 1,200,000 Series J Shares, resulting in the Company issuing today 9,200,000 Series J Shares to raise gross proceeds of $230 million. The net proceeds will be used by the Company for general corporate purposes and to augment Lifeco&#8217;s current liquidity position.<\/p>\n<p>The offering was made through a syndicate of underwriters led by BMO Nesbitt Burns Inc. and Scotia Capital Inc. The shares will be posted for trading on the Toronto Stock Exchange under the symbol &#8220;GWO.PR.J&#8221;.<\/p><\/blockquote>\n<p>The greenshoe noted in <a href=\"http:\/\/www.prefblog.com\/?p=3804\">the initial announcement<\/a> was therefore fully subscribed.<\/p>\n<p>Sadly for the buyers, however, the issue is trading more as a perpetual than a retractible. closing at 24.25-35 on volume of 358,750 shares. The yield until the limitMaturity is 5.97%, while the yield to the first call is 6.73%.<\/p>\n<p>The issue has been added to the FixedReset Index.<\/p>\n<p>I have uploaded an <a href=\"http:\/\/www.prefblog.com\/wp-content\/uploads\/2008\/11\/j10_081127.pdf\">evaluation of the FixedReset subIndex<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Greatwest Lifeco has announced: the closing of its previously announced offering of Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series J (the &#8220;Series J Shares&#8221;) priced at $25.00 per share. Following the successful sale of &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-4188","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/4188","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=4188"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/4188\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4188"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4188"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4188"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}