Great-West Lifeco Inc.
TSX : GWO

Great-West Lifeco Inc.

March 30, 2006 09:38 ET

Great-West Lifeco Inc. Preferred Share Issue

WINNIPEG, MANITOBA--(CCNMatthews - March 30, 2006) -

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

Great-West Lifeco Inc. (Lifeco) (TSX:GWO) has today entered into an agreement with a syndicate of underwriters led by RBC Dominion Securities Inc. under which the underwriters have agreed to buy, on a bought deal basis, 12,000,000, 4.50% Non-Cumulative First Preferred Shares, Series I (the "Preferred Shares") from Lifeco for sale to the public at a price of $25.00 per Preferred Share, representing an aggregate issue amount of $300,000,000. The offering is expected to close on April 12, 2006. The net proceeds will be used for general corporate purposes.

The securities offered have not been and will not be 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

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 Company 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. Lifeco and its companies have $177 billion in assets under administration. Great-West Lifeco is 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