Business
Great-West Lifeco announces offering of Series Z Preferred Shares
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About this update from Great-west Lifeco Inc.
[{"type":"text","content":"Great-West Lifeco announces offering of Series Z Preferred Shares\n\n\n\n\n\n Not for distribution to U.S. news wire services or dissemination in the United States.\n \n\n\n\n\n\n THE BASE SHELF PROSPECTUS IS ACCESSIBLE, AND THE SHELF PROSPECTUS SUPPLEMENT FOR THE PUBLIC OFFERING AND ANY AMENDMENT TO THE DOCUMENTS WILL BE ACCESSIBLE, WITHIN TWO BUSINESS DAYS, THROUGH SEDAR+\n \n\n\n\n WINNIPEG, Manitoba, Sept. 17, 2025 (GLOBE NEWSWIRE) -- Great-West Lifeco Inc. (TSX: GWO) (“\n \n Lifeco\n \n ” or the “\n \n Corporation\n \n ”) announced today that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, RBC Capital Markets, and Scotiabank pursuant to which the underwriters have agreed to purchase, on a bought deal basis, 6,000,000 Non-Cumulative First Preferred Shares, Series Z (the “\n \n Series Z Shares\n \n ”) from Lifeco for sale to the public at a price of C$25.00 per Series Z Share (the “\n \n Issue Price\n \n ”), representing aggregate gross proceeds of C$150 million. The Series Z Shares will yield 5.70% per annum, payable quarterly, as and when declared by the Lifeco Board of Directors.\n \n\n Lifeco has also granted the underwriters an option, exercisable up to 48 hours prior to closing, to purchase up to an additional 2,000,000 Series Z Shares (C$50 million) at the Issue Price. Should the underwriters’ option be exercised in full, the total gross proceeds of the offering will be C$200 million.\n \n\n The net proceeds of the offering will be used for general corporate purposes. The offering is expected to close on or about September 24, 2025 and is subject to customary closing conditions.\n \n\n\n Access to Offering Documents\n \n\n\n The Series Z Shares will be offered in Canada by way of a prospectus supplement (the “\n \n Prospectus Supplement\n \n ”) to Lifeco’s short form base shelf prospectus (the “\n \n Shelf Prospectus\n \n ”) dated December 5, 2023. Access to the Prospectus Supplement, the Shelf Prospectus and any amendments to the documents is provided in accordance with securities legislation relating to procedures for providing access to a prospectus supplement, a base shelf prospectus and any amendment. The Shelf Prospectus is, and the Prospectus Supplement will be (within t...