Preferred Stock Channel
Great-West Lifeco Inc | Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series N (GWO.PRN.CA)

Prospectus excerpt:  The holders of the 3.65% Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series N (the “Series N First Preferred Shares”) of Great-West Lifeco Inc. (“Great-West Lifeco” or the “Corporation”) will be entitled to fixed non-cumulative preferential cash dividends, as and when declared by the Board of Directors for the initial period from and including the closing date of this offering to but excluding December 31, 2015 (the “Initial Fixed Rate Period”) payable quarterly on the last day of March, June, September and December in each year at an annual rate of $0.9125 per share. The initial dividend, if declared, will be payable on March 31, 2011 and will be $0.3200 per share, based on the anticipated closing date of this offering of Series N First Preferred Shares of November 23, 2010. See “Details of the Offering”.

For each five-year period after the Initial Fixed Rate Period (each a “Subsequent Fixed Rate Period”), the holders of Series N First Preferred Shares will be entitled to receive fixed non-cumulative preferential cash dividends, as and when declared by the Board of Directors, payable quarterly on the last day of March, June, September and December in each year, in the amount per share per annum determined by multiplying the Annual Fixed Dividend Rate (as defined herein) applicable to such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend Rate for the ensuing Subsequent Fixed Rate Period will be determined by Great-West Lifeco on the 30th day prior to the first day of such Subsequent Fixed Rate Period and will be equal to the sum of the Government of Canada Yield (as defined herein) on the date on which the Annual Fixed Dividend Rate is determined plus 1.30%. See “Details of the Offering”.

Full Prospectus PDF », GWO.CA Page »

Series:N
Alternate symbology:GWO-N.CA, GWO-PN.CA, GWOprN.CA
Redeemable?:Yes
Call Date:12/31/2015 (Now Trading Post Call Date)
Perpetual?:Yes
Cumulative?:No
Conversion Ratio:Subject to the Corporation’s right to redeem all the Series N First Preferred Shares, the holders of Series N First Preferred Shares will have the right, at their option, to convert their Series N First Preferred Shares into Non-Cumulative Floating Rate First Preferred Shares, Series O (the “Series O First Preferred Shares”), subject to certain conditions, on December 31, 2015 and on December 31 every five years thereafter. The holders of Series O First Preferred Shares will be entitled to receive floating rate non-cumulative preferential cash dividends, as and when declared by the Board of Directors, payable quarterly on the last day of March, June, September and December in each year (the initial quarterly dividend period and each subsequent quarterly dividend period is referred to as a “Quarterly Floating Rate Period”), in the amount per share determined by multiplying the applicable Floating Quarterly Dividend Rate (as defined herein) by $25.00. The Floating Quarterly Dividend Rate will be equal to the sum of the T-Bill Rate (as defined herein) plus 1.30% (calculated on the basis of the actual number of days elapsed in the applicable Quarterly Floating Rate Period divided by 365) determined on the 30th day prior to the first day of the applicable Quarterly Floating Rate Period. See “Details of the Offering”.
Shares Offered:10000000
Overallotment:2000000
Liquidation Preference:$25
Recent Market Price:$14.35
Discount to Liquidation Preference:
(More Preferreds Trading at a Discount »)
$-10.65 (-42.60%)
Annualized Dividend:0.437252
Recent Ex-Date:2/28/2024
Current Yield:3.05%
Original Coupon:3.65% Fixed dividend rate until Dec. 31, 2015, at which time the dividend becomes equal to the five year Government of Canada yield plus 1.30% for the subsequent five year period.
Pay Period:Quarterly
Pay Dates:31-Mar, 30-Jun, 30-Sep, 31-Dec
CDx3 Compliance Rating: Learn GWO.PRN.CA's Rating
Great-West Lifeco is a financial service holding company. Through its subsidiaries, Co. has interests in the life insurance, health insurance, retirement savings, investment management and reinsurance businesses. Co.'s Canada segment provides a range of financial and benefit plan solutions for individuals, families, businesses and organizations through its business units: Individual Customer and Group Customer. Co.'s U.S. segment provides employer-sponsored retirement savings plans in the public/non-profit and corporate sectors. Co.'s Europe segment provides protection and wealth management products, including payout annuity products.

Preferreds: GWO.PRF.CA, GWO.PRG.CA, GWO.PRH.CA, GWO.PRI.CA, GWO.PRJ.CA, GWO.PRL.CA, GWO.PRM.CA, GWO.PRN.CA, GWO.PRP.CA, GWO.PRQ.CA, GWO.PRR.CA


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Name:  Great-West Lifeco Inc
Website:  www.greatwestlifeco.com
Sector:  Life & Health Insurance

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