By Cristal Cody
Prospect News, Feb. 13 - Power Financial Corp. announced on Monday that it sold an upsized C$250 million of preferred stock at par with a 5.5% dividend.
The company sold 10 million shares of series R non-cumulative first preferred stock (DBRS: Pfd-1) at C$25.00 per share.
The deal was upsized from C$150 million, or 6 million shares.
BMO Capital Markets Corp., RBC Capital Markets Corp. and Scotia Capital Inc. were the lead managers.
Proceeds will be used to supplement the company's financial resources and for general corporate purposes.
Power Financial is a holding company that controls Canadian financial service providers Great-West Lifeco Inc. and IGM Financial Inc.
| Issuer: | Power Financial Corp.
|
| Amount: | C$250 million, 10 million shares
|
| Securities: | Non-cumulative first preferred stock
|
| Bookrunners: | BMO Capital Markets Corp., RBC Capital Markets Corp., Scotia Capital Inc.
|
| Dividend: | 5.5%
|
| Price: | C$25.00
|
| Yield: | 5.5%
|
| Pricing date: | Feb. 13
|
| Settlement date: | Feb. 23
|
| Rating: | DBRS: Pfd-1
|
| Distribution: | Canada
|
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