By Cristal Cody
Prospect News, Feb. 19 - Power Financial Corp. (/A-/P-1/DBRS: Pfd-1) sold an upsized C$300 million of 4.8% non-cumulative first preferred shares in Canada as part of Great-West Lifeco Inc.'s acquisition of Irish Life Ltd. announced on Tuesday, according to the company and market sources.
The company sold 12 million shares of the series S preferred stock at C$25 per share.
The deal was upsized from C$200 million, or 8 million shares.
BMO Capital Markets Corp., RBC Capital Markets and Scotia Capital Inc. were the bookrunners.
The diversified management and holding company will use the proceeds to acquire subscription receipts of Great-West Lifeco that are exchangeable into common shares in connection with a $1.25 billion offering of subscription receipts to fund the acquisition of Irish Life Group and to supplement Power Financial's financial resources.
| Issuer: | Power Financial Corp.
|
| Amount: | C$300 million
|
| Securities: | Non-cumulative first preferred shares
|
| Bookrunners: | BMO Capital Markets Corp., RBC Capital Markets and Scotia Capital Inc
|
| Dividend: | 4.8%
|
| Price: | C$25 per share
|
| Pricing date: | Feb. 19
|
| Settlement date: | Feb. 28
|
| Ratings: Standard & Poor's: A-/P-1
|
| DBRS: Pfd-1
|
| Distribution: | Canada
|
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