Power Financial Corporation has announced:
the successful completion and closing of an offering of 12,000,000 4.80% Non-Cumulative First Preferred Shares, Series S (the “Series S Shares”) priced at $25.00 per share to raise gross proceeds of $300 million.
The issue was bought by an underwriting syndicate co-led by BMO Capital Markets, RBC Capital Markets and Scotiabank.
The Series S Shares will be listed and posted for trading on the Toronto Stock Exchange under the symbol “PWF.PR.S”. Proceeds from the issue will be used to acquire subscription receipts of Great-West Lifeco Inc. (“Lifeco”) exchangeable into common shares of Lifeco as part of the $1.25 billion offering of subscription receipts announced by Lifeco on February 19, 2013 in connection with its proposed acquisition of Irish Life Group Limited and to supplement Power Financial’s financial resources.
PWF.PR.S is a Straight Perpetual, 4.80%, announced February 19. It will be tracked by HIMIPref™ and has been assigned to the PerpetualDiscount index.
The issue traded 673,150 shares today in a range of 24.93-99 before closing at 24.96-98, 16×44. Vital statistics are:
Maturity Type : Limit Maturity
Maturity Date : 2043-02-28
Maturity Price : 24.57
Evaluated at bid price : 24.96
Bid-YTW : 4.81 %