{"id":8006,"date":"2009-09-24T12:09:53","date_gmt":"2009-09-24T16:09:53","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=8006"},"modified":"2009-09-24T12:09:53","modified_gmt":"2009-09-24T16:09:53","slug":"new-issue-gwo-565-straight","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=8006","title":{"rendered":"New Issue: GWO 5.65% STRAIGHT!"},"content":{"rendered":"

Great-West Lifeco has announced<\/a> that it:<\/p>\n

has today entered into an agreement … under which the underwriters have agreed to buy, on a bought deal basis, 6,000,000 Non-Cumulative First Preferred Shares, Series L … 5.65% per annum<\/p><\/blockquote>\n

The morons have copy-protected the PDF, since this press release is such a big secret. I’m not retyping all that!<\/p>\n

Issue: Great-West Lifeco Inc. Non-Cumulative First Preferred Shares, Series L<\/p>\n

Size: 6-million shares (=$150-million) + greenshoe 4-million shares (=$100-million)<\/p>\n

Dividends: 5.65% p.a. (= $1.4125); first dividend payable 2009-12-31 for $0.34829 based on closing 2009-10-2<\/p>\n

Redeemable: Black-out until 2014-12-31. Redeemable at $26.00 commencing 2014-12-31; redemption price declines by $0.25 p.a. until 2018-12-31; redeemable at $25.00 thereafter.<\/p>\n

This issue has great significance: it is the first straight to be issued since RY.PR.H settled 2008-4-29<\/a> and … they didn’t fiddle with the standard redemption terms. I had been afraid that issuers would assume that market had been lulled into idiocy by the five-year redemption terms that are standard in the FixedReset sector and try to grab themselves a little more advantage.<\/p>\n

The issue may be compared with extant GWO issues outstanding:<\/p>\n

\n\n\n\n\n\n\n\n
GWO Comparables
As of Close 2009-9-23<\/td>\n<\/tr>\n
Ticker<\/td>\nDividend<\/td>\nQuote<\/td>\nBid-YTW<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\n1.30<\/td>\n22.61-89<\/td>\n5.77%<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\n1.2125<\/td>\n20.85-90<\/td>\n5.85%<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\n1.125<\/td>\n19.52-63<\/td>\n5.80%<\/td>\n<\/tr>\n
GWO.PR.F<\/td>\n1.475<\/td>\n25.19-43<\/td>\n5.63%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Great-West Lifeco has announced that it: has today entered into an agreement … under which the underwriters have agreed to buy, on a bought deal basis, 6,000,000 Non-Cumulative First Preferred Shares, Series L … 5.65% …<\/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-8006","post","type-post","status-publish","format-standard","hentry","category-new-issues"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/8006","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=8006"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/8006\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8006"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8006"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8006"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}