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Financings

Canadian Life Companies Split closes overnight offering

By The Northwire Desk — AI Analysis Feb 04, 2026 · 20:09 LFE · 7.57 Canadian Life Companies Split Corp
LFE · Price

Executive Summary

  • Canadian Life Companies Split Corp. completed an overnight offering of preferred shares (LFE.PR.B) and Class A shares (LFE), raising approximately $60.1 million in gross proceeds.
  • The offering is led by National Bank Financial Inc. and is expected to close on or about February 11, 2026, subject to TSX approval and other conditions.
  • Net proceeds will be invested in an actively managed portfolio of four major Canadian life insurance companies: Great-West Lifeco, iA Financial Corp., Manulife Financial, and Sun Life Financial.

Key Details

  • Gross Proceeds: Approximately $60.1 million.
  • Preferred Shares (LFE.PR.B):
    • Offered at $10.45 per share.
    • Closing price on Feb 3, 2026: $10.55.
    • Dividend Rate: Fixed, cumulative preferential monthly cash dividends at the greater of 7.00% or prime rate plus 2% (max 9%) annually, based on a $10 original issue price.
    • Redemption: Original $10 issue price payable on or about Dec 1, 2030 (subject to six-year extensions).
  • Class A Shares (LFE):
    • Offered at $7.65 per share.
    • Closing price on Feb 3, 2026: $7.78.
    • Dividends: Regular monthly cash dividends as determined by directors.
    • Redemption: Remaining amounts payable on or about Dec 1, 2030 (after preferred share obligations), subject to six-year extensions.
  • Use of Proceeds: Investment in an actively managed portfolio consisting of Great-West Lifeco Inc., iA Financial Corp. Inc., Manulife Financial Corp., and Sun Life Financial Inc.
  • Closing Date: Expected on or about February 11, 2026.
  • Regulatory: A prospectus supplement to the short form base shelf prospectus (dated May 1, 2024, amended Oct 2, 2025) will be filed with securities commissions in all Canadian provinces.

Notable Quotes

  • No direct quotes from management were included in the provided text.
Read the original news release →

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