PrefBlog

This is very old news indeed, but should be recorded for easy access to the information.

There’s no prospectus for the issue, since it came into being via the

OFFER TO PURCHASE
all of the outstanding Non-Cumulative Preferred Shares, Series L
of
THE GREAT-WEST LIFE ASSURANCE COMPANY
not already held directly or indirectly by Great-West Lifeco Inc.
in exchange, at the option of the holder, for
$23.00 cash
or
One Non-Cumulative Preferred Share, Series O (a “Series O Share”) of
The Great-West Life Assurance Company (“GWL”)
for each Non-Cumulative Preferred Share, Series L (a “Series L Share”) of GWL

This document is available on SEDAR, as “The Great-West Life Assurance Company Dec 14 2000 Issuer bid circular – English
PDF 314K”

Series O Dividends

Until October 31, 2010 (the “Fixed Dividend Rate Period”), the holders of the Series O Shares will be entitled to receive quarterly non-cumulative cash dividends, as and when declared by the board of directors of GWL, payable on the last day of January, April, July and October in each year at a rate equal to $0.346875 per share to initially yield 5.55%. The first such dividend, if declared, will be payable on January 31, 2001 in an amount equal to $0.346875 per share.

From October 31, 2010 (the “Floating Dividend Rate Period”), the holders of the Series O Shares will be entitled to receive non-cumulative cash dividends, as and when declared by the board of directors of GWL, payable on the last day of January, April, July and October in each year at a floating rate in respect of each quarterly dividend period equal to one quarter of the greater of (a) 4.75% and (b) 80% of Prime.

Series O Redemption

The Series O Shares will not be redeemable prior to October 31, 2010. Subject to the provisions described under “Restrictions on Dividends and Retirement of Series O Shares” and “Regulatory Approvals”, GWL may redeem on October 31, 2010 and on the last day of every successive period of five years plus one day thereafter, all or any part of the then outstanding Series O Shares. Such redemption may be made upon payment in cash of the amount of $25.00 per share together with an amount equal to all declared and unpaid dividends thereon to but excluding the date on which such shares are redeemed. GWL will provide not less than 30 nor more than 60 calendar days’ notice of such redemption to each holder of Series O Shares to be redeemed.

On October 31, 2010 and every five years thereafter, Series O is exchangeable at the holder’s option (subject to the usual restrictions on shares left outstanding) to and from Series P.

Series P Dividends

The holders of the Series P Shares will be entitled to receive fixed non-cumulative preferential cash dividends, as and when declared by the Board of Directors of GWL, in an amount per share per annum determined by the Board of Directors of GWL payable quarterly on the last day of January, April, July and October in each year. The first such dividend, if declared, will be payable on January 31, 2011.

The annual dividend rate determined by the Board of Directors of GWL in respect of a Dividend Period will not be less than 85% of the Government of Canada Yield prevailing at the time the dividend rate is set.

Series P Redemption

The Series P Shares will not be redeemable prior to November 1, 2015. Subject to the provisions described under “Restrictions on Dividends and Retirement of Series P Shares” and “Regulatory Approvals”, GWL may redeem on November 1, 2015 and on the last day of every successive period of five years plus one day thereafter, all or any part of, the outstanding Series P Shares. Such redemption may be made upon payment in cash in the amount of $25.00 for each Series P Share together with an amount equal to all declared and unpaid dividends thereon to but excluding the date on which such shares are redeemed.

GWL.PR.O is not currently listed on PrefInfo. When I get around to updating the information, it will be summarized as:

This entry was posted on Thursday, April 1st, 2010 at 1:14 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.