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Power Financial Corp Increases Issue of Preferred Shares to $300 Million


Tuesday, 19 Feb 2013 02:47pm EST 

Power Financial Corp announced that due to demand, the Corporation has increased the size of its previously announced bought deal public offering to 12,000,000 Non-Cumulative First Preferred Shares, Series S (the Series S Shares) for gross proceeds of $300 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. 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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