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BROAD INC. FILES REGISTRATION STATEMENT FOR 3 MILLION SHARES OF SERIES B PREFERRED STOCK

 BROAD INC. FILES REGISTRATION STATEMENT
 FOR 3 MILLION SHARES OF SERIES B PREFERRED STOCK
 LOS ANGELES, June 12 /PRNewswire/ -- Broad Inc. (NYSE: BRO) today announced that it has filed a registration statement with the Securities and Exchange Commission relating to the proposed offering of 3 million shares of its $25 Series B Cumulative Preferred Stock.
 Merrill Lynch & Co. will act as lead manager for the proposed offering, with PaineWebber Inc. and Dean Witter Reynolds Inc. acting as co-managers.
 The company expects to use the net proceeds from the sale of the Series B Preferred Stock to acquire $75 million of newly issued preferred stock of its subsidiary, Sun Life Insurance Company of America, in addition to acquiring certain of Sun Life's assets. The company's investment in the preferred stock of Sun Life is designed to increase Sun Life's capital position, enhance its competitive position and maintain its ratings in anticipation of the possible future implementation of risk-based capital guidelines. Any net proceeds not invested in Sun Life are expected to be used for other general corporate purposes.
 Broad Inc. is a financial services company with approximately $14 billion of assets owned or under management. Though 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."
 A registration statement relating to the Series B Preferred Stock has been filed with the Securities and Exchange Commission 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 securities laws of any such state.
 Prior to the circulation of preliminary prospectuses, copies of the preliminary prospectus relating to the proposed offering may be obtained at the Public Reference Room of the Securities and Exchange Commission at 450 Fifth St., N.W., Washington D.C. 20549. Thereafter, copies may be obtained from the company or any of the managing underwriters.
 -0- 6/12/92
 /CONTACT: Ann Julsen of Broad, 310-445-6533/
 (BRO) CO: Broad Inc.; Sun Life Insurance Company of America ST: California IN: FIN INS SU: OFR


JL-KJ -- LA009 -- 9621 06/12/92 11:17 EDT
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Publication:PR Newswire
Date:Jun 12, 1992
Words:415
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