WINNIPEG, July 26 /CNW/ - Great-West Lifeco Inc. today announced that
it has entered into an agreement with a group of investment dealers led
by BMO Nesbitt Burns Inc. for the sale of $200,000,000 principal amount
of 6.75% Debentures due August 10, 2015 (the "Debentures"). The offering
is expected to close on or about August 9, 2000.
The Debentures will pay a fixed rate of interest of 6.75% per annum until
August 10, 2010, after which they will pay a floating rate per annum equal
to the 90-day Bankers' Acceptance Rate plus one per cent. Prior to August
10, 2010, the Debentures are redeemable in whole or in part at the greater
of the Canada Yield Price and par, together in each case with accrued
and unpaid interest. On or after August 10, 2010, all but not less than
all of the Debentures are redeemable on any interest payment date at par
together with accrued and unpaid interest.
The Debentures have been provisionally rated AA- by CBRS Inc. and AA
(low) by Dominion Bond Rating Service Limited.
Great-West Lifeco Inc. is a financial services holding company with interests
in the life insurance, health insurance, retirement savings, reinsurance
and specialty general insurance businesses, primarily in Canada and the
United States. Its subsidiary, The Great-West Life Assurance Company,
serves the financial security needs of more than 13 million people through
its Canadian operations, including London Life Insurance Company, and
through Great-West Life & Annuity Insurance Company in the United States.
Great-West Lifeco Inc. is a member of the Power Financial Corporation
group of companies.
For further information: Marlene Klassen, Director Communication Services,
(204) 946-7705
