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Great-West Lifeco Announces $150 Million Preferred Share Offering

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Great-West Lifeco (GWO.TO) on Monday said it intends to raise $150 million through a preferred share offering.

The company will issue 6.0-million non-cumulative first preferred shares, series 24, at $25.00 apiece. The shares will yield 5.70% per year.

The underwriters have also been granted an over-allotment option of up to an additional 2.0-million series 24 shares at the same price. If this option is exercised in full, the total process of the offering will be $200 million, a statement said.

Proceeds will be used for general corporate purposes. The offering is expected to close on June 22.

Great-West shares were last seen up $1.13, to $84.52, on the Toronto Stock Exchange.

Price: $84.53, Change: $+1.14, Percent Change: +1.37%

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