Great-West Lifeco Inc. has complete its previously announced domestic offering of Non-Cumulative First Preferred Shares, Series L, the insurance giant said Friday.

Following the successful sale of the initially announced offering of 6 million Series L Shares, the underwriters of the offering exercised their option to purchase an additional 800,000 shares, raising gross proceeds of $170 million.

“The net proceeds will be used by the company for general corporate purposes and to augment the company’s current liquidity position,” Great-West Lifeco said.

The offering was made through a syndicate of underwriters co-led by BMO Capital Markets, CIBC and Scotia Capital Inc.

The shares will be posted for trading on the Toronto Stock Exchange under the symbol GWO.PR.L.

IE