Great-West Lifeco Announces Series Z Preferred Shares Offering
Great-West Lifeco Inc. (TSX: GWO) has taken a significant step in expanding its financial services offerings by announcing the upcoming launch of its Series Z Preferred Shares. This strategic initiative aims to raise capital and bolster the company's financial position to better serve its extensive customer base.
Details of the Offering
As part of this offering, Great-West Lifeco has entered into an agreement with a respected syndicate of underwriters, led by major financial institutions BMO Capital Markets, RBC Capital Markets, and Scotiabank. The underwriters have agreed to purchase 6,000,000 Non-Cumulative First Preferred Shares, Series Z, at an issue price of C$25.00 per share. This translates to a targeted gross proceeds of C$150 million, with the shares expected to yield a competitive annual return of 5.70%, payable quarterly as declared by the company's Board of Directors.
Additional Details and Options
Moreover, the underwriters have been granted an option to acquire an additional 2,000,000 Series Z Shares, potentially increasing total gross proceeds to C$200 million should the option be exercised fully. This move reflects the strong interest in the Series Z Shares and underscores the company's commitment to leveraging capital for growth and financial stability.
Use of Proceeds
The net proceeds from the offering are earmarked for general corporate purposes, highlighting Great-West Lifeco’s strategy to utilize funds judiciously to enhance its operational capabilities and financial strength. The offering is slated to close on or about September 24, 2025, pending the satisfaction of standard closing conditions.
Access to Offering Documents
Investors interested in the Series Z Shares can find related offering documents, including the prospectus supplement and base shelf prospectus, accessible through SEDAR+. These documents will provide essential details regarding the offering and the financial health of Great-West Lifeco.
About Great-West Lifeco Inc.
Great-West Lifeco is a prominent financial services holding company committed to building stronger, more inclusive financial futures. The company operates under multiple brands, including Canada Life, Empower, and Irish Life, across various markets, providing a range of services from insurance and risk solutions to wealth and retirement benefits. As of mid-2025, Great-West Lifeco manages client assets totaling approximately $3 trillion, indicating a robust market presence and customer trust.
Company Information
Great-West Lifeco trades on the Toronto Stock Exchange under the ticker symbol GWO. The company is part of the broader Power Corporation group, signaling its credibility and integration into larger financial ecosystems. For more detailed information about Great-West Lifeco's offerings, visit greatwestlifeco.com.
Frequently Asked Questions
What are the Series Z Preferred Shares?
The Series Z Preferred Shares are a type of equity investment offered by Great-West Lifeco, providing investors with a fixed yield and priority over common shares in terms of dividend payments.
How much capital does the offering aim to raise?
The offering aims to raise a total of C$150 million, with an additional C$50 million possible if underwriters exercise their option for more shares.
When is the expected closing date for the offering?
The offering is expected to close on or about September 24, 2025, subject to customary closing conditions.
Where can I find more information about the offering?
Investors can access the offering documents, including the prospectus supplement, via SEDAR+, which contains detailed information about the Series Z Shares.
What is Great-West Lifeco's market presence?
Great-West Lifeco operates in Canada, the U.S., and Europe, managing around $3 trillion in client assets, showcasing its significant influence in the financial services sector.
