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BROAD INC. AMENDS REGISTRATION STATEMENT TO EXPAND PROPOSED OFFERING OF SERIES B PREFERRED STOCK TO 5 MILLION SHARES

BROAD INC. AMENDS REGISTRATION STATEMENT TO EXPAND PROPOSED OFFERING
 OF SERIES B PREFERRED STOCK TO 5 MILLION SHARES
 LOS ANGELES, June 19 /PRNewswire/ -- Broad Inc. (NYSE: BRO) today announced that it has filed an amendment to its registration statement with the Securities and Exchange Commission (SEC) to expand the proposed offering of its $25 series B cumulative preferred stock to 5 million shares.
 The company expects to use the net proceeds from the sale of the series B preferred stock to acquire $75 million of preferred stock to be issued by its subsidiary, Sun Life Insurance Company of America, in addition to acquiring certain of Sun Life's assets at their book value. In conjunction with this offering, the company may also purchase a portion of the preferred stock of SunAmerica Corp. which is currently outstanding.
 Merrill Lynch & Co. will act as lead manager for the proposed offering, with PaineWebber Inc. and Dean Witter Reynolds Inc. acting as co-managers.
 Broad Inc. is a financial services company with approximately $14 billion of assets owned or under management. Through its life insurance, asset management, retirement trust and broker-dealer subsidiaries, the company specializes in selling tax-deferred long- term savings products and investments to the expanding pre-retirement market, using the name "SunAmerica."
 An amended registration statement relating to the series B preferred stock is on file with the SEC, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 Copies of the amended preliminary prospectus relating to the proposed offering may be obtained at the Public Reference Room of the SEC at 450 Fifth St., N.W., Washington, D.C. 20549.
 -0- 6/19/92
 /CONTACT: Ann Julsen of Broad, 310-445-6533/
 (BRO) CO: Broad Inc. ST: California IN: FIN SU: OFR EH-JL -- LA003 -- 1917 06/19/92 12:18 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jun 19, 1992
Words:366
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