GWO.PR.N Slides on Issue with Muted Volume

Great-West Lifeco has announced:

the closing of its previously announced offering of 3.65% Non-cumulative 5-Year Rate Reset First Preferred Shares, Series N (the “Series N Shares”) through a syndicate of underwriters led by BMO Nesbitt Burns Inc., RBC Dominion Securities Inc. and Scotia Capital Inc. and including CIBC World Markets Inc., TD Securities Inc., National Bank Financial Inc. and Desjardins Securities Inc. for gross proceeds of $250 million.

The Series N Shares were priced at $25.00 per share. The net proceeds will be used for general corporate purposes and to augment Lifeco’s current liquidity position. The Series N Shares will be posted for trading on the Toronto Stock Exchange under the symbol “GWO.PR.N”.

GWO.PR.N is the 3.65%+130 FixedReset announced November 15. The final size of $250-million means that the greenshoe of $50-million was not exercised.

GWO.PR.N traded 110,585 shares today in a range of 24.65-76 before closing at 24.65-70, 39×128. Vital statistics are:

GWO.PR.N FixedReset YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2040-11-23
Maturity Price : 24.60
Evaluated at bid price : 24.65
Bid-YTW : 3.67 %

GWO.PR.N is tracked by HIMIPref™ and has been assigned to the FixedReset index.

3 Responses to “GWO.PR.N Slides on Issue with Muted Volume”

  1. […] PrefBlog Canadian Preferred Shares – Data and Discussion « GWO.PR.N Slides on Issue with Muted Volume […]

  2. […] Recent new issue. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-11-29 Maturity Price : 24.55 Evaluated at bid price : 24.60 Bid-YTW : 3.68 % […]

  3. […] Recent new issue. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-12-01 Maturity Price : 24.44 Evaluated at bid price : 24.49 Bid-YTW : 3.70 % […]

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