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Great-West Lifeco unit announces pricing of $800M debt offering

Great-West Lifeco Inc. unit Great-West Lifeco Finance 2018 LP priced an offering of $300 million of 4.047% senior notes due 2028 and $500 million of 4.581% senior notes due 2048.

The notes will be fully and unconditionally guaranteed by Great-West Lifeco Inc.

Subject to closing conditions, the offering is expected to close May 17.

Great-West Lifeco Finance 2018 plans to use the net proceeds of the offering to fund all or a portion of the redemption price of Great-West Lifeco Finance (Delaware) LP II's 7.127% subordinated debentures due 2068, and for general corporate purposes, which may include the redemption of currently outstanding debt issued by affiliates of Great-West Lifeco Finance 2018 and Great-West Lifeco Inc.

J.P. Morgan Securities LLC, RBC Capital Markets LLC, Wells Fargo Securities LLC, BMO Capital Markets Corp. and BMO Nesbitt Burns Inc. are acting as joint book-running managers for the offering.