Great-West Lifeco Inc. today announced the closing of an offering of $300 million of first preferred shares to a syndicate of underwriters co-led by BMO Nesbitt Burns Inc. and RBC Capital Markets.

Great-West announced the offering on August 25. The shares will be posted for trading on the Toronto Stock Exchange under the symbol “GWO.PR.G”.

The 12 million non-cumulative first preferred shares, series G were priced at $25 and carry a 5.2% annual dividend.

In a release, Great-West said it will use the proceeds to redeem its class A preferred shares series 1 and for general corporate purposes.