Great-West Lifeco announces C$200 million offering of Series 24 preferred shares
On June 15, 2026, Great-West Lifeco Inc. ("Great-West Lifeco") announced 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, 8,000,000 non-cumulative first preferred shares, Series 24, which includes the full exercise of the underwriters option, from Great-West Lifeco for sale to the public at a price of C$25.00 per share, representing aggregate gross proceeds of C$200 million. The Series 24 shares will yield 5.70% per annum, payable quarterly, as and when declared by the Great West Board of Directors.
Great West 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 24 shares at the issue price. Should the underwriters’ option be exercised in full, the total gross proceeds of the offering will be C$200 million.
Net proceeds of the offering will be used for general corporate purposes. The offering is expected to close on or about June 22, 2026 and is subject to customary closing conditions.
Further information can be found on Globe Newswire’s website.
Great-West Lifeco is a financial services holding company focused on building stronger, more inclusive and financially secure futures. Great-West Lifeco operates in Canada, the United States and Europe under the brands Canada Life, Empower and Irish Life. As of March 31, 2026, Great-West Lifeco's total client assets were C$3.3 trillion.