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Great-West Lifeco announces pricing of US$1.5 billion senior notes offering
Great-West Lifeco announces pricing of US$1.5 billion senior notes offering Canada...
About this update from Great-west Lifeco Inc.
[{"type":"text","content":"\n\n\n\nGreat-West Lifeco announces pricing of US$1.5 billion senior notes offering\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, Sept. 14, 2020\n\n\n\nTSX:GWO\n WINNIPEG, MB, Sept. 14, 2020 /CNW/ - Great-West Lifeco Inc. today announced that its subsidiary, Empower Finance 2020, LP (\"Empower LP\"), priced an offering of US$400 million aggregate principal amount of 1.357% senior notes due 2027 (the \"2027 Notes\"), US$400 million aggregate principal amount of 1.776% senior notes due 2031 (the \"2031 Notes\") and US$700 million aggregate principal amount of 3.075% senior notes due 2051 (the \"2051 Notes\" and, together with the 2027 Notes and the 2031 Notes, the \"Notes\"). The Notes will be fully and unconditionally guaranteed by Great-West Lifeco. \nThe offering is expected to close on September 17, 2020, subject to the satisfaction of customary closing conditions. Empower LP intends to use the net proceeds of the offering to finance a portion of the pending acquisition, announced on September 8, 2020, of the retirement services business of Massachusetts Mutual Life Insurance Company, and the fees, expenses and costs incurred in connection with the transaction. In the event the acquisition is not consummated on or prior to June 8, 2021 (or such later date as extended automatically pursuant to the acquisition agreement or by agreement of the parties to the acquisition agreement), then Empower LP will be required to redeem all outstanding Notes at a special mandatory redemption price equal to 101% of the aggregate principal amount of the Notes plus accrued and unpaid interest.\nGoldman Sachs & Co. LLC, RBC Capital Markets, LLC, Scotia Capital (USA) Inc., Wells Fargo Securities, LLC, RBC Dominion Securities Inc. and Scotia Capital Inc. are acting as joint book-running managers for this offering. \nThe Notes are being sold to qualified institutional buyers in the United States in accordance with Rule 144A under the U.S. Securities Act of 1933, as amended (the \"Securities Act\"), and to persons outside the United States in accordance ...