Great-West Lifeco Inc.

Great-West Lifeco Inc.

July 21, 2005 14:09 ET

Great-West Lifeco Inc. Preferred Share Issue

WINNIPEG, MANITOBA--(CCNMatthews - July 21, 2005) -

Not for distribution to U.S. news wire services or dissemination in the United States.

Great-West Lifeco Inc. (TSX:GWO) (the "Corporation") has today entered into an agreement with a syndicate of underwriters co-led by Scotia Capital Inc. and BMO Nesbitt Burns Inc. under which the underwriters have agreed to buy, on a bought deal basis, 12,000,000, 4.85% Non-Cumulative First Preferred Shares, Series H (the "Preferred Shares") from the Corporation for sale to the public at a price of $25.00 per Preferred Share, representing an aggregate issue amount of $300,000,000. The Corporation has granted the underwriters an option to purchase up to an additional 2,000,000 Preferred Shares, exercisable at any time up to 48 hours prior to closing. The offering is expected to close on August 12, 2005. The net proceeds may be used by the Corporation to repay all or part of its term bank loan facility, to purchase for cancellation existing preference shares of the Corporation, or for general corporate purposes.

The securities offered have not been 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.

Great-West Lifeco Inc. (TSX:GWO) is a financial services holding company with interests in the life insurance, health insurance, retirement savings and reinsurance businesses. The Corporation has operations in Canada, the United States, and Europe through The Great-West Life Assurance Company, London Life Insurance Company, The Canada Life Assurance Company, and Great-West Life & Annuity Insurance Company. The Corporation and its companies have more than $167 billion in assets under administration. The Corporation is a member of the Power Financial Corporation group of companies.

100 Osborne Street North, Winnipeg, MB Canada R3C 3A5

A member of the Power Financial Corporation group of companies.

Contact Information

  • Great-West Lifeco Inc.
    Marlene Klassen, APR, FLMI
    Director, Media & Public Relations
    (204) 946-7705