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Great-West Lifeco announces issuance of $250 million of additional Debentures
Great-West Lifeco announces issuance of $250 million of additional Debentures Cana...
About this update from Great-west Lifeco Inc.
[{"type":"text","content":"\n\n\n\nGreat-West Lifeco announces issuance of $250 million of additional Debentures\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nWINNIPEG, MB, July 13, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./\nTSX:GWO\n WINNIPEG, MB, July 13, 2020 /CNW/ - Great-West Lifeco Inc. (Lifeco) announced today that it has entered into an agreement with a syndicate of agents co-led by RBC Capital Markets, BMO Capital Markets and Scotiabank for the sale on an agency basis of $250 million aggregate principal amount of debentures maturing July 8, 2050 (the Debentures).\nThe Debentures represent a re-opening of Lifeco's outstanding 2.981% Debentures due July 8, 2050 (the Initial Debentures and, together with the Debentures, the 2050 Debentures). Lifeco issued $250,000,000 aggregate principal amount of Initial Debentures on July 8, 2020 and, upon closing of the offering of the Debentures, $500 million aggregate principal amount of 2050 Debentures will be issued and outstanding. The Debentures will form a single series with, will be issued under the same CUSIP number as, and will have the same terms as to status, redemption or otherwise as, the Initial Debentures.\nThe Debentures will be dated July 15, 2020, will be issued at a price of $986.31 for each $1,000 principal amount of Debentures, and will mature on July 8, 2050. Interest on the Debentures at the rate of 2.981% per annum will be payable semi-annually in arrears on January 8 and July 8 in each year, commencing January 8, 2021, until the date on which the Debentures are repaid. The first payment on the Debentures will include accrued and unpaid interest for the period from and including July 8, 2020 (being the date of issuance of the Initial Debentures) to but excluding January 8, 2021. \nThe 2050 Debentures are redeemable at any time prior to January 8, 2050 in whole or in part at the greater of the Canada Yield Price and par, and on or after January 8, 2050 in whole or in part at par, toge...