{"id":51185,"date":"2025-12-03T00:12:34","date_gmt":"2025-12-03T05:12:34","guid":{"rendered":"https:\/\/prefblog.com\/?p=51185"},"modified":"2025-12-18T22:10:29","modified_gmt":"2025-12-19T03:10:29","slug":"gwo-pr-n-to-reset-at-4-090","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51185","title":{"rendered":"GWO.PR.N To Reset At 4.090%"},"content":{"rendered":"

Great-West Lifeco Inc. has announced<\/a>:<\/p>\n

the dividend rates for its Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series N (\u201cSeries N Shares\u201d) and Non-Cumulative Floating Rate First Preferred Shares, Series O (\u201cSeries O Shares\u201d).<\/p>\n

The annual fixed dividend rate for the five-year period starting on December 31, 2025 and ending on December 30, 2030 that will apply to any Series N Shares that remain outstanding on December 31, 2025 will be 4.090% per annum (or $0.255625 per Series N Share per quarter). The 4.090% annual rate is equal to the sum of the Government of Canada Yield (as defined in the Series N Share terms) on December 1, 2025 plus 1.30%.<\/p>\n

The floating dividend rate for the period starting on December 31, 2025 and ending on March 30, 2026 that will apply to any Series O Shares issued on December 31, 2025 will be 3.518% per annum (or $0.216863 per Series O Share per quarter). The 3.518% annual rate is equal to the sum of the T-Bill Rate (as defined in the Series O Share terms) on December 1, 2025 plus 1.30%.<\/p>\n

A news release announcing the conversion right for the Series N Shares was issued on November 13, 2025 and can be viewed on Lifeco’s website. Beneficial owners of Series N Shares who wish to convert their shares into Series O Shares should communicate as soon as possible with their broker or other nominee to ensure their instructions are followed, so that the registered holder of the Series N Shares can meet the deadline to exercise the conversion right, which is 5:00 p.m. (ET) on Tuesday, December 16, 2025.<\/p><\/blockquote>\n

GWO.PR.N was issued as a FixedReset, 3.65%+130, that commenced trading 2010-11-23<\/a> after being announced 2010-11-15<\/a>. The issue was met with disfavour and there was an inventory clearance sale closing 2010-12-3<\/a>. After a notice of extension<\/a> the issue issue reset to 2.176%<\/a> in 2015. I recommended against conversion<\/a>; there was a 15% conversion to the FloatingReset GWO.PR.O<\/a> anyway. The company provided another notice of extension<\/a> in November, 2020. The issue reset to 1.749%<\/a> effective 2020-12-31 and there was a forced conversion from GWO.PR.O<\/a> to the FixedReset. A notice of extension<\/a> was provided 2025-11-13. The issue is tracked by HIMIPref™ and is assigned to the FixedReset (Insurance) subindex.<\/p>\n

Thanks to Assiduous Reader niagara<\/i> for bringing this to my attention<\/a>!<\/p>\n

Update, 2025-12-18<\/b>: Great-West Lifeco Inc. has announced<\/a>:<\/p>\n

that holders of 6,425 Lifeco Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series N (\u201cSeries N Shares\u201d) have elected to convert their Series N Shares on a one-for-one basis into Non-Cumulative Floating Rate First Preferred Shares, Series O (\u201cSeries O Shares\u201d) on December 31, 2025.<\/p>\n

Lifeco currently has 10,000,000 Series N 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, 2025. As a result and in accordance with the terms and conditions of the shares, no Series N Shares may be converted into Series O Shares on December 31, 2025. Lifeco will give written notice to that effect to any registered holder on or before Wednesday, December 24, 2025.<\/p><\/blockquote>\n

Thanks to Assiduous Readers P_I<\/i> and Niagara<\/i> for bringing this to my attention in the comments below!<\/p>\n","protected":false},"excerpt":{"rendered":"

Great-West Lifeco Inc. has announced: the dividend rates for its Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series N (\u201cSeries N Shares\u201d) and Non-Cumulative Floating Rate First Preferred Shares, Series O (\u201cSeries O Shares\u201d). The …<\/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-51185","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51185","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=51185"}],"version-history":[{"count":3,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51185\/revisions"}],"predecessor-version":[{"id":51247,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51185\/revisions\/51247"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51185"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51185"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51185"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}