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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. 

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