Brascan Completes $50 Million Convertible Note Repurchase.Business Editors TORONTO--(BUSINESS WIRE)--July 6, 2000 Brascan Corporation (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BNN BNN Boston Neighborhood Network BNN Boundary Network Node (IBM) BNN Back-Propagation Neural Network BNN Biological Neural Network BNN Bart's Neverending Network (public-service TV network in The Netherlands) .)(AMEX AMEX See: American Stock Exchange :BNN) announced today the final results of its offer to repurchase $50 million of its Subordinated Convertible Notes Series II due 2088. The offer expired at 5:00 p.m. on June 30, 2000. Brascan will take up and pay for the aggregate principal amount of $50 million of the convertible notes at a price of CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $800 per $1,000 principal amount of notes, plus accrued and unpaid interest of $3.63 per $1,000 principal amount of notes. Payment for notes properly deposited will be made on July 6, 2000. CIBC CIBC Canadian Imperial Bank of Commerce CIBC Centres Interinstitutionnels de Bilan de Compétences CIBC Commonwealth Institute of Biological Control (Trinidad) CIBC Commercial International Brokerage Company Mellon Trust Company, depositary for the offer, reported that the aggregate principal amount of $72,291,000 of the convertible notes were deposited pursuant to the offer at prices at or below CDN $800 per $1,000 principal amount of notes. Convertible notes deposited at CDN $800 per $1,000 principal amount of notes will therefore be subject to a proration Proration A situation during a corporate action in which the available cash or shares are not sufficient to satisfy the offers tendered by shareholders. Therefore, a proportion of both cash and shares is granted for each offer tendered. factor of approximately 69.16 per cent. After the buy back, the aggregate principal amount of the convertible notes Series II outstanding will be $23,964,000. Brascan Corporation and its affiliates provide a diversified range of products and services to their customers and clients. The group employs over 50,000 people in managing and operating more than 120 major production facilities and properties, located mainly in Canada, the United States and South America. The company is listed on the Toronto, American and Brussels stock exchanges under the symbol BNN. |
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