On June 14, 2010, First Capital Realty Inc. (TSX: FCR) closed its previously announced public offering of an additional C$50 million principal amount of Series I senior unsecured debentures, which was a re-opening of this series of debentures, the original issuance of which was completed in April 2010. These debentures bear interest at the rate of 5.7% and mature on November 30, 2017. The additional debentures were sold at C$101.061, with an effective yield of 5.524% if held to maturity. An aggregate of C$125 million of Series I senior unsecured debentures are outstanding after giving effect to this offering.
The offering was underwritten by a syndicate led by RBC Capital Markets and included Scotia Capital Inc., TD Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc. and National Bank Financial Inc. The debentures are rated BBB with a stable trend by DBRS and Baa3 (stable) by Moody's Investors Service.
The net proceeds of the offering will be used for general corporate purposes.
First Capital Realty is an owner, developer and operator of supermarket and drug store anchored neighbourhood and community shopping centres located predominantly in growing metropolitan areas in Canada.