/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR
DISSEMINATION IN THE UNITED
STATES./
Readers are referred to the section "Forward-Looking Statements"
at the end of this release. All figures are expressed in Canadian
dollars.
MONTRÉAL, Oct. 15, 2021 /CNW
Telbec/ - Power Corporation of Canada ("Power Corporation" or "PCC") (TSX:
POW) and Power Financial Corporation ("Power Financial" or "PFC")
announced today the closing of Power Financial's previously
announced offering of 8,000,000 4.50% Non-Cumulative First
Preferred Shares, Series 23 in the capital of Power Financial (the
"Series 23 Shares") priced at $25.00
per share for gross proceeds of $200
million. The issue was bought by a syndicate of underwriters
led by BMO Capital Markets, RBC Capital Markets and
Scotiabank.
The Series 23 Shares will be listed and posted for trading on
the Toronto Stock Exchange under the symbol "PWF.PF.A". The net
proceeds of this offering will be used by Power Financial for
general corporate purposes. Power Financial intends to redeem all
of its outstanding $200 million 6.00%
Non-Cumulative First Preferred Shares, Series I.
The securities offered have not been and will not be registered
under the U.S. Securities Act of 1933, as amended, and may not be
offered or sold in the United
States absent registration or an applicable exemption from
the registration requirements. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of the securities in any State in which
such offer, solicitation or sale would be unlawful.
About Power Corporation
Power Corporation of Canada is
an international management and holding company that focuses on
financial services in North
America, Europe and
Asia. Its core holdings are
leading insurance, retirement, wealth management and investment
businesses, including a portfolio of alternative asset investment
platforms. Power Corporation's head office is located at 751
Victoria Square, Montréal, Quebec.
To learn more, visit www.PowerCorporation.com.
Power Financial Corporation, a wholly owned subsidiary of Power
Corporation of Canada, is an
international management and holding company with interests in
financial services and asset management businesses in Canada, the United
States and Europe. It also
has significant holdings in a portfolio of global companies based
in Europe. To learn more, visit
www.PowerFinancial.com.
Forward-Looking Statements
Certain statements in this
news release, other than statements of historical fact, are
forward-looking statements based on certain assumptions and reflect
PCC's and PFC's current expectations, or with respect to disclosure
regarding PCC's and PFC's public subsidiaries, reflects such
subsidiaries' disclosed current expectations as disclosed in their
respective MD&A. Forward-looking statements are provided for
the purposes of assisting the reader in understanding the PCC's and
PFC's financial performance, financial position and cash flows as
at and for the periods ended on certain dates and to present
information about management's current expectations and plans
relating to the future and the reader is cautioned that such
statements may not be appropriate for other purposes. These
statements may include, without limitation, statements regarding
the intended use of proceeds of the offering and the
redemption of PFC's First Preferred Shares, Series I.
Forward-looking statements include statements that are predictive
in nature, depend upon or refer to future events or conditions, or
include words such as "expects", "anticipates", "plans",
"believes", "estimates", "seeks", "intends", "targets", "projects",
"forecasts" or negative versions thereof and other similar
expressions, or future or conditional verbs such as "may", "will",
"should", "would" and "could".
By its nature, this information is subject to inherent risks and
uncertainties that may be general or specific and which give rise
to the possibility that expectations, forecasts, predictions,
projections or conclusions will not prove to be accurate, that
assumptions may not be correct and that objectives, strategic goals
and priorities will not be achieved. A variety of factors, many of
which are beyond PCC's and PFC's and their respective subsidiaries'
control, affect the operations, performance and results of PCC and
PFC and their respective subsidiaries and their businesses, and
could cause actual results to differ materially from current
expectations of estimated or anticipated events or results. These
factors include, but are not limited to: the impact or
unanticipated impact of general economic, political and market
factors in North America and
internationally, fluctuations in interest rates, inflation and
foreign exchange rates, monetary policies, business investment and
the health of local and global equity and capital markets,
management of market liquidity and funding risks, risks related to
investments in private companies and illiquid securities, risks
associated with financial instruments, changes in accounting
policies and methods used to report financial condition (including
uncertainties associated with significant judgments, estimates and
assumptions), the effect of applying future accounting changes,
business competition, operational and reputational risks,
technological changes, cybersecurity risks, changes in government
regulation and legislation, changes in tax laws, unexpected
judicial or regulatory proceedings, catastrophic events, man-made
disasters, terrorist attacks, wars and other conflicts, or an
outbreak of a public health pandemic or other public health crises
(such as COVID-19), PCC's and PFC's and their respective
subsidiaries' ability to complete strategic transactions, integrate
acquisitions and implement other growth strategies, and PCC's and
PFC's and their respective subsidiaries' success in anticipating
and managing the foregoing factors.
The reader is cautioned to consider these and other factors,
uncertainties and potential events carefully and not to put undue
reliance on forward-looking statements. Information contained in
forward-looking statements is based upon certain material
assumptions that were applied in drawing a conclusion or making a
forecast or projection, including management's perceptions of
historical trends, current conditions and expected future
developments, as well as other considerations that are believed to
be appropriate in the circumstances, including that the list of
factors in the preceding paragraph, collectively, are not expected
to have a material impact on PCC and PFC and their respective
subsidiaries. While each of PCC and PFC considers these assumptions
to be reasonable based on information currently available to
management, they may prove to be incorrect.
Other than as specifically required by applicable Canadian law,
each of PCC and PFC undertakes no obligation to update any
forward-looking statement to reflect events or circumstances after
the date on which such statement is made, or to reflect the
occurrence of unanticipated events, whether as a result of new
information, future events or results, or otherwise.
Additional information about the risks and uncertainties of
PCC's and PFC's business and material factors or assumptions on
which information contained in forward-looking statements is based
is provided in its disclosure materials, including each of Power
Corporation's most recent Management's Discussion and Analysis and
Annual Information Form, filed with the securities regulatory
authorities in Canada, available
at www.sedar.com.
SOURCE Power Corporation of Canada