First Capital Realty closes C$150 million offering of additional Series T senior unsecured debentures

On September 29, 2016, First Capital Realty Inc. (First Capital Realty) completed its offering of C$150 million aggregate principal amount of Series T senior unsecured debentures, a reopening of the series originally issued on May 6, 2016.

The debentures bear interest at a rate of 3.604% per annum and will mature on May 6, 2026. The additional debentures were issued at a price to First Capital Realty of C$102.431 per C$100 principal amount plus accrued interest, with an effective yield of 3.30% per annum if held to maturity. An aggregate of C$300 million of such debentures are now outstanding after giving effect to the offering. The offering was underwritten by a syndicate led by TD Securities, RBC Capital Markets and Scotiabank.

The net proceeds of the offering will be used to partially fund the capital requirements in connection with recently announced acquisitions, to repay amounts outstanding on First Capital Realty's senior unsecured revolving credit facility and for general corporate purposes.

First Capital Realty is one of Canada's largest owners, developers and managers of grocery anchored, retail-focused urban properties, with interests in 159 properties, totaling approximately 25.1 million square feet of gross leasable area.

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