Great-West Lifeco Inc. entered into an agreement with a syndicate of agents co-led by BMO Capital Markets and RBC Capital Markets for the sale on an agency basis of C$500 million of debentures maturing Feb. 28, 2028.

The debentures will be dated Feb. 28, will be issued at par and will mature Feb. 28, 2028. The debentures carry an annual interest rate of 3.337% that will be payable semiannually in arrears on Feb. 28 and Aug. 28 in each year, commencing Aug. 28, until the date on which the debentures are repaid.

The offering is expected to close on or about Feb. 28. Great-West expects to use the net proceeds of the offering to repay upcoming long-term debt maturities and for general corporate purposes.