Analyst Research

Report Title Price
Provider: Reuters Investment Profile
Provider: Thomson Reuters Stock Report
Provider: ValuEngine, Inc.
Provider: Wright Reports

NYSE and AMEX quotes delayed by at least 20 minutes. NASDAQ delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

Power Financial Corp Announces Issue of Preferred Shares

Tuesday, 19 Feb 2013 11:12am EST 

Power Financial Corp announced that it has agreed to issue 8,000,000 Non-Cumulative First Preferred Shares, Series S (the Series S Shares) on a bought deal basis, for gross proceeds of $200 million. The Series S Shares will be priced at $25.00 per share and will carry an annual dividend yield of 4.80%. Closing is expected to occur on or about February 28, 2013. The issue will be underwritten by a syndicate of underwriters led by BMO Capital Markets, RBC Capital Markets and Scotiabank. Power Financial has also granted the underwriters an option to purchase an additional 2,000,000 Series S Shares at the same offering price. Should the underwriters' option be exercised fully, the total gross proceeds of the Series S Share offering will be $250 million. 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 earlier in connection with its proposed acquisition of Irish Life Group Limited and to supplement Power Financial's financial resources. 

Related Company News

Company Quote

-0.06 -0.18%
11 Jul 2014