First Capital Realty completes C$57.5 million offering of 4.45% convertible debentures
On February 19, 2013, First Capital Realty Inc. closed its previously announced public offering of C$57.5 million aggregate principal amount of 4.45% convertible unsecured subordinated debentures due February 28, 2020, which included C$7.5 million aggregate principal amount of such debentures issued pursuant to 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 Scotia Capital Inc. and TD Securities Inc. and including CIBC World Markets Inc., RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Canaccord Genuity Corp. and Macquarie Capital Markets Canada Ltd.
The debentures bear interest at a rate of 4.45% per annum payable semi-annually on March 31 and September 30 (commencing September 30, 2013), and are convertible at the option of the holder into common shares of First Capital Realty at a conversion price of C$26.75 per common share (being a conversion rate of approximately 37.3832 common shares per C$1,000 principal amount of debentures) until February 28, 2018, and thereafter at a conversion price of C$27.75 per common share (being a conversion rate of approximately 36.0360 common shares per C$1,000 principal amount of debentures). The debentures, which are listed on the TSX under the symbol "FCR.DB.J" were issued pursuant to First Capital Realty's trust indenture dated December 19, 2005, as supplemented, and rank pari passu with all of its outstanding convertible unsecured subordinated debentures (TSX: FCR.DB.D, FCR.DB.E, FCR.DB.F, FCR.DB.G, FCR.DB.H and FCR.DB.I).
The net proceeds of the offering will be used for development and redevelopment activities, acquisitions and for general corporate purposes.
First Capital Realty is Canada's leading owner, developer and operator of supermarket and drugstore-anchored neighbourhood and community shopping centres, located predominantly in growing urban markets.
Further information can be found on Canada Newswire's website.