Transaction|August 9, 2011
First Capital Realty completes C$57.5 million offering of convertible unsecured subordinated debentures
Torys acted as counsel to First Capital Realty with a team that included Patricia Koval, Michael Zackheim, Mohammed Muraj and Mark DiGiovanni (corporate/securities) and Andrew Wong and Richard Johnson (tax).
On August 9, 2011, First Capital Realty Inc. (TSX: FCR) closed its previously announced public offering of C$57.5 million aggregate principal amount of 5.25% convertible unsecured subordinate debentures due January 31, 2019 (which included $7.5 million aggregate principal amount of such debentures issued as a result of the exercise in full of an underwriters' option). The offering was underwritten on a bought deal basis by a syndicate of underwriters co-led by RBC Dominion Securities Inc. and TD Securities Inc., and also included CIBC World Markets Inc., Scotia Capital Inc., National Bank Financial Inc., BMO Nesbitt Burns Inc., Canaccord Genuity Corp. and Macquarie Capital Markets Canada Ltd. The debentures will bear interest at a rate of 5.25% per annum payable semi-annually commencing March 31, 2012, and will be convertible at the option of the holder into common shares of First Capital Realty at a conversion rate of 42.0698 common shares per C$1,000 principal amount of debentures, which is equal to a conversion price of C$23.77 per common share.
The net proceeds of the offering will be applied towards development and redevelopment activities, acquisitions and for general corporate purposes.
Further information can be found on Canada Newswire's website.
The net proceeds of the offering will be applied towards development and redevelopment activities, acquisitions and for general corporate purposes.
Further information can be found on Canada Newswire's website.