Great-West Lifeco Inc. today announced the closing of its offering of $200 million principal amount of 6.74% debentures due November 24, 2031.

The syndicate of underwriters for the offering was led by BMO Nesbitt Burns Inc. and included CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc., Merrill Lynch Canada Inc., National Bank Financial Inc. and Casgrain & Company Ltd.

Great-West says the proceeds from the debentures will be used to purchase $200 million principal amount of subordinated debentures of Great-West Lifeco’s subsidiary, The Great-West Life Assurance Co.