Great-West Lifeco Inc. announced Friday that it plans to reduce its leverage through the purchase and cancellation of nearly 3.2 million shares of preferred stock on the Toronto exchange.
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The Winnipeg, Canada, insurer, whose U.S. subsidiary is Great-West Life and Annuity Insurance Co. in Greenwood Village, Colo., said it intends to buy up to 799,600 noncumulative first preferred shares in Series D, 10% of its public float, and up to 2,380,000 noncumulative first preferred shares in Series E, or 9.97% of its float.
