First Capital REIT completes C$250 million offering of Series G senior unsecured debentures and redemption of C$300 million of Series T senior unsecured debentures

Torys acted as counsel to First Capital with a team that included Michael Zackheim and Nicole Beausoleil (corporate/securities).

On December 8, 2025, First Capital Real Estate Investment Trust ("First Capital") closed its previously announced issuance of C$250 million aggregate principal amount of Series G senior unsecured debentures, on a private placement basis.

The debentures were offered on an agency basis by a syndicate of agents co-led by Desjardins Capital Markets, RBC Capital Markets and TD Securities. The debentures were issued at a price of C$99.986 per C$100.00 principal amount of debentures, bear interest at a rate of 4.760% per annum and will mature on February 15, 2035. The debentures are rated "BBB" with a "Positive" rating outlook by Morningstar DBRS.

Net proceeds of the offering will be used by First Capital to repay, in part, the early redemption of its C$300 million aggregate principal amount of outstanding co-issued 3.604% Series T senior unsecured debentures, due May 6, 2026, on December 31, 2025.

Further information can be found on Canada Newswire’s website.

First Capital owns, operates and develops grocery‐anchored, open‐air centres in neighbourhoods with the strongest demographics in Canada.