WINNIPEG, Oct. 25, 2013 /CNW/ - Great-West Lifeco Inc. is amending the
terms of its consent solicitation of the holders of its 6.67%
Debentures due March 21, 2033 (the "2033 Debentures") to eliminate the
replacement capital covenants and related provisions applicable to
certain of Great-West Lifeco's preferred shares, the 5.691%
Subordinated Debentures due June 21, 2067 issued by Great-West Lifeco
Finance (Delaware) LP and the 7.127% Subordinated Debentures due June
26, 2068 issued by Great-West Lifeco Finance (Delaware) LP II.
The consent solicitation is amended to provide that Great-West Lifeco
will pay a consent fee of $17.50 in cash for each $1,000 in principal amount of 2033 Debentures to all
holders of 2033 Debentures provided that it has received the requisite
consent from 66 2/3% of the holders of the 2033 Debentures. If the
proposed amendments are approved, the amendments will bind all holders
of the 2033 Debentures, including those that did not provide a consent.
All other terms of the solicitation remain in effect unamended including
the expiration of the solicitation at 5:00 p.m. (Toronto time) on
Wednesday, October 30, 2013.
Great-West Lifeco has retained RBC Dominion Securities Inc. to serve as
the solicitation agent for the solicitation, Georgeson Shareholder
Communications Canada Inc. to serve as the information agent and
Computershare Trust Company of Canada to serve as the tabulation agent.
Questions regarding the solicitation may be directed to RBC Dominion
Securities Inc. at (416) 842-6311.
The amended solicitation statement and related documents, as amended by
this press release, contain important information, and holders should
read them carefully before making any decision with respect to the
solicitation. Copies of the amended solicitation statement are being
provided to holders and are available on Great-West Lifeco's website at
www.greatwestlifeco.com, or by contacting the information agent by e-mail at email@example.com.
This announcement is not a solicitation of consents with respect to the
2033 Debentures. The solicitation is being made solely pursuant to the
solicitation statement, as may be amended or supplemented, and the
related consent form. The solicitation is not being made to holders of
2033 Debentures in any jurisdiction in which the solicitation would not
be in compliance with the laws of such jurisdiction. In any
jurisdiction where the laws require solicitations to be made by a
licensed broker or dealer, the solicitation will be deemed to be made
on behalf of Great-West Lifeco by the solicitation agent, or one or
more registered broker-dealers under the laws of such jurisdiction.
Great-West Lifeco Inc. (TSX:GWO) is an international financial services
holding company with interests in life insurance, health insurance,
retirement and investment services, asset management and reinsurance
businesses. Great-West Lifeco has operations in Canada, the United
States, Europe and Asia through Great-West Life, London Life, Canada
Life, Irish Life, Great-West Financial and Putnam Investments.
Great-West Lifeco and its companies have $596 billion* in consolidated
assets under administration and are members of the Power Financial
Corporation group of companies.
*Assets as of June 30, 2013
SOURCE: Great-West Lifeco Inc.
For further information:
Marlene Klassen, APR
Assistant Vice-President, Communication Services