Dec 03, 2007. /Lesprom Network/. North American pulp and paper producer Fraser Papers Inc will make a $60 million equity rights offering to reduce debt, announced the company. Fraser's largest shareholder, Brookfield Asset Management, is supporting the offer, and has agreed to buy any shares not taken up by the other shareholders, the papermaker said. Reducing debt will allow the company to act on its plans to "to address the challenging conditions facing our company and our industry," chief executive Peter Gordon said. Shareholders will receive one equity right for each share they now hold. The new shares will be priced at the lesser of $3.00, or 87% of average trading price, within a 10-day period of the prospectuce being filed.