TSX:GWO
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR
DISSEMINATION IN THE UNITED STATES
OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE
WOULD BE UNLAWFUL./
WINNIPEG, MB, Nov. 9, 2022
/CNW/ - Great-West Lifeco Inc. announced today the pricing of
€500 million senior fixed rate euro bonds. This is Great-West
Lifeco's third debt issuance in the euro market.
The €500 million, 7-year bonds are denominated in euros
and will pay an annual coupon of 4.700%, priced at par. The bonds
are expected to be rated A+ by S&P Global Ratings (acting
through Standard & Poor's Financial Services LLC) and A by
Fitch Ratings, Inc. An application will be made for the bonds to be
listed on the Global Exchange Market of Euronext Dublin. The
transaction is expected to close on or around November 16, 2022. Net proceeds of the
transaction will be used for general corporate purposes.
The offering was made through Barclays Bank PLC, BNP Paribas and
J.P. Morgan Securities plc as Active Joint Bookrunners on behalf of
a syndicate of managers.
About Great-West Lifeco Inc.
Great-West Lifeco is an
international financial services holding company with interests in
life insurance, health insurance, retirement and investment
services, asset management and reinsurance businesses. We operate
in Canada, the United States and Europe under the brands Canada Life, Empower,
Putnam Investments, and Irish Life.
At the end of 2021, our companies had approximately 28,000
employees, 215,000 advisor relationships, and thousands of
distribution partners – all serving over 33 million customer
relationships across these regions. Great-West Lifeco trades on the
Toronto Stock Exchange (TSX) under the ticker symbol GWO and is a
member of the Power Corporation group of companies. To learn more,
visit greatwestlifeco.com.
Cautionary note regarding Forward-Looking
Information
This release contains forward-looking information. Forward-looking
information includes statements that are predictive in nature,
depend upon or refer to future events or conditions, or include
words such as "will", "may", "expects", "anticipates", "intends",
"plans", "believes", "estimates", "objective", "target",
"potential" and other similar expressions or negative versions
thereof. These statements include, without limitation,
statements about the expected closing of the offering of the bonds,
the issuance of the bonds, and the intended use of proceeds from
the offering of bonds.
Forward-looking statements are based on expectations, forecasts,
estimates, predictions, projections and conclusions about future
events that were current at the time of the statements and are
inherently subject to, among other things, risks, uncertainties and
assumptions about Great-West Lifeco, economic factors and the
financial services industry generally, including the insurance,
mutual fund and retirement solutions industries. They are not
guarantees of future performance, and the reader is cautioned that
actual events and results could differ materially from those
expressed or implied by forward-looking statements. Many of
these assumptions are based on factors and events that are not
within the control of Great-West Lifeco and there is no assurance
that they will prove to be correct. Whether or not actual results
differ from forward-looking information may depend on numerous
factors, developments and assumptions. These assumptions and
factors are discussed in Great-West Lifeco's filings with
securities regulators, including but not limited to factors set out
under "Risk Factors" in Great-West Lifeco's annual information form
dated February 9, 2022, and under
"Risk Management and Control Practices" and "Summary of Critical
Accounting Estimates" in Great-West Lifeco's management's
discussion and analysis for the twelve months ended December 31, 2021, which, along with other
filings, are available for review at www.sedar.com. The
reader is also cautioned to consider these and other factors,
uncertainties and potential events carefully and not to place undue
reliance on forward-looking information. Other than as
specifically required by applicable law, Great-West Lifeco does not
intend to update any forward-looking information whether as a
result of new information, future events or otherwise.
Disclaimer
This announcement is directed only at persons in the
United Kingdom having professional
experience in matters relating to investments who fall within the
definition of "investment professionals" in Article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order
2005 and to those persons to whom it can otherwise lawfully be
distributed.
No PRIIPs or UK PRIIPs key information document (KID) has
been prepared as not available to retail investors in the European
Economic Area or the United
Kingdom.
The bonds have not been and will not be registered under the
U.S. Securities Act of 1933, as amended (the Securities Act), and
may not be offered or sold in the United
States absent registration or an applicable exemption from
the registration requirements of the Securities Act. This news
release shall not constitute, or form part of, an offer or
invitation to sell or the solicitation of an offer to buy or
subscribe nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful. The Bonds will not be qualified for
distribution to the public under the securities laws of any
province or territory of Canada
and may not be offered or sold in Canada, directly or indirectly, other than
pursuant to applicable private placement exemptions.
SOURCE Great-West Lifeco Inc.