Noranda arranges debenture issue

Resources giant Noranda (TSE) is hoping to raise US$300 million through a 10-year debenture offering.

Proceeds from the 818% debentures (to mature June 15, 2004) will be used, in part, to buy additional shares of Falconbridge, thereby maintaining Noranda’s interest in the nickel miner at between 45% and 50%. Trelleborg of Sweden is selling part of its 50% interest in Falconbridge on the open market.