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 T├ętrault 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).

Lawyer(s)

Rena Shadowitz James G. Morand Jonathan B. Weisz Peter K. Johnson Shea T. Small David E. Woollcombe James W. Welkoff Helgi L. Maki Tom Zverina William Kilpatrick