By Wendy Van Sickle
Columbus, Ohio, Aug. 10 – Great-West Lifeco Inc.’s Great-West Lifeco U.S. Finance 2020, LP subsidiary priced $500 million of 0.904% debentures due 2025 on Monday at Treasuries plus 67 basis points, according a press release and a market source.
Initial price talk was at the Treasuries plus 90 bps area.
The debentures were offered through a syndicate of bookrunners co-led by Morgan Stanley & Co. LLC, Morgan Stanley Canada Ltd., J.P. Morgan Securities LLC, RBC Capital Markets, LLC and RBC Dominion Securities Inc.
Proceeds will be used to finance a portion of the pending acquisition of Personal Capital Corp. or for general corporate purposes if the acquisition is not consummated.
The insurance and financial services holding company is based in Winnipeg, Man.
Issuer: | Great-West Lifeco U.S. Finance 2020, LP
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Guarantor: | Great-West Lifeco Inc.
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Amount: | $500 million
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Description: | Debentures
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Maturity: | Aug. 12, 2025
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Bookrunners: | Morgan Stanley & Co. LLC, Morgan Stanley Canada Ltd., J.P. Morgan Securities LLC, RBC Capital Markets, LLC and RBC Dominion Securities Inc.
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Coupon: | 0.904%
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Spread: | Treasuries plus 67 bps
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Pricing date: | Aug. 10
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Settlement date: | Aug. 12
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