Great-West Lifeco Inc. will raise up to $250-million through a preferred share offering, it said Thursday.
The deal - underwritten by BMO Capital Markets, CIBC and Scotia Capital Inc. - will see 6-million non-cumulative preferred shares sold to the public at $25 each, for $150-million. The underwriters can buy another 4-million at the same price.
The Series L shares will yield 5.65 per cent a year and will be redeemable in 2014. The offering is expected to close Oct. 2, with the money going to "general corporate purposes."