Great-West Lifeco closes $200M Series 24 preferred share offering
What's the deal? Great-West Lifeco (TSX: GWO) has closed an offering of 8,000,000 Series 24 preferred shares, raising $200 million in gross proceeds.
The Winnipeg-based financial services holding company priced the non-cumulative shares with a 5.70% dividend rate.
A syndicate led by BMO Capital MarketsDealroom has a profile for this one. Try Dealroom →, RBC Capital MarketsDealroom has a profile for this one. Try Dealroom →, and ScotiabankDealroom has a profile for this one. Try Dealroom → ran the deal, which included the full exercise of the underwriters' option.
Why now? The offering closed on June 22, 2026, and the Series 24 shares will trade on the Toronto Stock Exchange under the symbol "GWO.PF.A".
Preferred shares let companies raise capital without diluting common shareholders, while offering investors a fixed 5.70% income stream.
What could go wrong? The shares are not registered under the US Securities Act and cannot be offered or sold in the United States, limiting the investor pool.
Non-cumulative shares also carry risk for buyers: if Great West skips a dividend, it does not have to make it up later.
The signal: A mature financial services holding company with $3.3 trillion in client assets and roughly 40 million customer relationships across the US, Canada, and Europe, Great West can tap a syndicate of Canada's largest banks — BMO, RBC, and Scotiabank — to raise income-generating capital with ease. The 5.70% non-cumulative structure points to steady investor appetite for fixed-income securities backed by an established issuer operating under the EmpowerDealroom has a profile for this one. Try Dealroom →, Canada Life, and Irish Life brands.
Read more: Associated Press
