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Gold/Mining/Energy : Gold Price Monitor

GDXJ 99.85

+6.2%

Nov 24 4:00 PM EST

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To: C Hudson who wrote (29840)	3/12/1999 6:48:00 PM
From: goldsnow	Read Replies (1) of 116764

TrizecHahn Selling $204 Million of Bonds to Refinance Debt Toronto, March 11 (Bloomberg) -- TrizecHahn Corp., one of North America's largest real estate companies, said it will sell $204 million of bonds to refinance some debt at a lower interest rate. The Toronto-based company said the proceeds from the 25-year bonds will be used to redeem half of $600 million face amount of higher-interest bonds, saving it about $5.5 million a year. The new bonds are being sold through Newcrest Capital Inc. in a private placement expected to be completed Friday, the company said. The bonds are convertible into common shares of Barrick Gold Corp., a company controlled by TrizecHahn Chairman Peter Munk. Interest on the bonds is payable based on the dividend on Barrick's common shares plus 1.35 percentage points. Barrick paid a dividend of 18 cents a share in 1998, for a yield of 0.95 percent. The old bonds, which mature in December 2018, pay an annual interest rate of 3.25 percent and are also convertible into Barrick shares. TrizecHahn said it plans to redeem the balance of the 3.25 percent bonds. TrizecHahn -- formed from the merger of Horsham Corp. and Trizec Corp. in 1996 -- is one of the North America's fastest- growing real estate companies. It controls $6 billion of real estate in North America and Europe. It owns or has a stake in 119 properties with 65 million square feet of space. NYSE/AMEX delayed 20 min. NASDAQ delayed 15 min. Access More Information and Services Above ©1999 Bloomberg, LP. All rights reserved. Terms of Service and Trademarks.

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