Brascan Power Completes $500M Debenture Offering

On December 16, 2004, Brascan Power Corp. completed a private placement of $400 million aggregate principal amount of 4.65 per cent unsecured debentures, series 1 due December 16, 2009 and $100 million aggregate principal amount of floating rate unsecured debentures, series 2 due December 19, 2006. The syndicate of underwriters was led by RBC Dominion Securities Inc. and CIBC World Markets Inc. (for the series 1 debentures) and TD Securities Inc. (for the series 2 debentures) and included Scotia Capital Inc., BMO Nesbitt Burns Inc. and HSBC Securities (Canada) Inc. Proceeds from the offering are expected to be used to repay inter-company indebtedness and for general corporate purposes.

In addition, on January 26, 2005, Brascan Power completed a reopener private placement of an additional $50 million aggregate principal amount of 4.65 per cent unsecured debentures, series 1 due December 16, 2009.

Brascan Power was represented by Torys LLP with a team that included Philip Brown, Jonathan Weisz, Rena Shadowitz, Helgi Maki and Peter Johnson (corporate and securities), Jim Welkoff (tax), Tom Zverina (lending/reorganization) and Andrew Schifrin (US regulatory). McCarthy Tétrault LLP acted as counsel to the underwriters with a team that included David Woollcombe, Shea Small and Lara Nathans (corporate and securities) and James Morand (tax).