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Great-West Lifeco completes Limited Recourse Capital Notes offering
Great-West Lifeco completes Limited Recourse Capital Notes offering Canada News...
About this update from Great-west Lifeco Inc.
[{"type":"text","content":"\n \n \n \n Great-West Lifeco completes Limited Recourse Capital Notes offering\n \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.prntar{\nTEXT-ALIGN: RIGHT\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TSX:GWO\n \n \n \n \n WINNIPEG, MB\n \n ,\n \n Aug. 16, 2021\n \n /CNW/ - Great-West Lifeco Inc. (\"\n \n Lifeco\n \n \") announced today the closing of its previously announced offering of\n \n $1.5 billion\n \n principal amount of 3.60% Limited Recourse Capital Notes Series 1 (Subordinated Indebtedness) (the \"\n \n Notes\n \n \"). The offering was completed through a syndicate of agents co-led by RBC Capital Markets and Scotiabank.\n \n \n In connection with the issuance of the Notes, Lifeco issued 1,500,000 Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series U (the \"\n \n Series U Preferred Shares\n \n \") to be held by Computershare Trust Company of\n \n Canada\n \n as trustee of a newly formed trust (the \"\n \n Limited Recourse Trust\n \n \"). In case of non-payment of interest on or the principal or redemption price of the Notes when due, the recourse of each holder of Notes will be limited to that holder's proportionate share of the Limited Recourse Trust's assets, which will consist of Series U Preferred Shares except in limited circumstances.\n \n \n The Notes and the Series U Preferred Shares were issued under a prospectus supplement dated\n \n August 9, 2021\n \n to Lifeco's existing short form base shelf prospectus dated\n \n September 30, 2019\n \n . Details of the offering are set out in the prospectus supplement which is available on the SEDAR website for Lifeco at\n \n www.sedar.com\n \n .\n \n \n The Notes and the Series U Preferred Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in\n \n the United States\n \n absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Notes or the Series U Preferred Sh...