Brascan Corporation To Repurchase Notes.Business Editors TORONTO--(BUSINESS WIRE)--June 7, 2000 Brascan Corporation (AMEX AMEX See: American Stock Exchange :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) )(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BNN.)today announced that it will offer to purchase up to $50 million principal amount of its outstanding Subordinated Convertible Adjustable Rate Adjustable rate Applies mainly to convertible securities. Refers to interest rate or dividend that is adjusted periodically, usually according to a standard market rate outside the control of the bank or savings institution, such as that prevailing on Treasury bonds or notes. Notes due 2088 (the "SCANS II") at a price range between $700.00 and $800.00 for each $1,000.00 principal amount of notes. Brascan is making the offer by way of a "Dutch Auction Dutch Auction An auction where the price on an item is lowered until it gets its first bid, and then the item is sold at that price. Notes: The U.S. Treasury (and other countries) uses a Dutch auction when it sells securities. " tender, a process which allows holders of the SCANS II to tender notes at any price in the $700.00 to $800.00 range. The price at which Brascan purchases the SCANS II will be the lowest price within the range at or below which up to $50 million principal amount of the SCANS II are tendered. The offering is being mailed to noteholders who will have until June 30, 2000 at 5:00 p.m. (Toronto time) to tender their notes, subject to regulatory approvals. 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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