TORONTO, September 24, 2004 – Brascan Power, a wholly owned subsidiary of Brascan Corporation (NYSE: BNN, TSX: BNN.A), today announced the completion of the issuance of C$77 million of 4.4% series A, fully amortizing, senior secured bonds, due September 23, 2009 by Lake Superior Power Limited Partnership.
"The successful completion of the re-financing at a competitive rate reflects the high quality of our co-generation facility and reinforces the combined value of our attractive power purchase agreement and gas purchase agreement,” commented Donald Tremblay, Senior Vice President and Chief Financial Officer of Brascan Power.
The bonds, which were issued by way of a private placement, are secured by the Lake Superior Power (LSP) facility, a 110 megawatt natural gas-fired, combined-cycle cogeneration plant which is located in Sault Ste. Marie, Ontario. CIBC World Markets and Trilon Securities Corporation, acted as agents for the offering.
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About Brascan Power
Brascan Power comprises the power generating, distribution and marketing operations of Brascan Corporation, including Great Lakes Power Inc. It is an independent producer and distributor of power and one of the lowest cost producers of hydroelectric power in North America. The Company has developed and successfully operated hydroelectric power facilities, primarily across North America, for over 100 years.
Brascan Corporation is an asset management company. With a focus on real estate and power generation, the company has direct investments of US$17 billion and a further US$7 billion of assets under management. This includes 70 premier office properties and 120 power generating plants. The company is listed on the New York and Toronto stock exchanges under the symbol BNN and BNN.a, respectively.
Note: This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words “believe”, “expect”, “anticipate”, “intend”, “estimate” and other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters identify forward looking statements. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those set forward in the forward looking statements include general economic conditions, interest rates, availability of equity and debt financing and other risks detailed from time to time in the company's 40-F filed with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
