Great-West Lifeco arranges $150-million bought deal

Executive Summary

• Great-West Lifeco Inc. has entered into an agreement to issue and sell six million non-cumulative first preferred shares, Series Z, to the public at $25.00 per share, generating aggregate gross proceeds of $150 million.
• The underwriters have been granted an option to purchase up to an additional two million Series Z shares, which would increase total gross proceeds to $200 million if exercised in full.
• The net proceeds from the offering will be used for general corporate purposes, with the offering expected to close on or about September 24, 2025.

Key Details

• Issuer: Great-West Lifeco Inc.
• Security Type: Non-cumulative first preferred shares, Series Z.
• Underwriters: Syndicate led by BMO Capital Markets, RBC Capital Markets, and Scotiabank.
• Transaction Structure: Bought deal basis.
• Issue Price: $25.00 per Series Z share.
• Base Quantity: 6,000,000 shares.
• Base Gross Proceeds: $150,000,000.
• Dividend Yield: 5.70% per annum, payable quarterly, as and when declared by the board of directors.
• Over-Allotment Option: Underwriters have an option to purchase up to 2,000,000 additional shares.
• Maximum Gross Proceeds: $200,000,000 (if option is exercised in full).
• Use of Proceeds: General corporate purposes.
• Expected Closing Date: On or about September 24, 2025.
• Regulatory Documents: Offered via prospectus supplement to the Short Form Base Shelf Prospectus dated December 5, 2023. Documents accessible on SEDAR+.