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Canada : First capital realty announces C$100 million offering of 3.90% series Q senior unsecured debentures.

First Capital Realty Inc. (the Company ), Canada s leading owner, developer and operator of supermarket and drugstore anchored neighbourhood and community shopping centres, located predominantly in growing urban markets, announced today that it has agreed to issue, on a bought deal basis, C$100 million aggregate principal amount of Series Q senior unsecured debentures. These debentures will bear interest at a rate of 3.90% per annum and will mature on October 30, 2023. The debentures were sold at a price of $99.628 per $100 principal amount, with an effective yield of 3.943% if held to maturity. The offering is being underwritten by a syndicate co-led by RBC Capital Markets and TD Securities. Subject to customary closing conditions, the offering will close on March 26, 2013. It is a condition of closing to the offering that the debentures be rated at least BBB (high) with a stable trend by DBRS and at least B2 (stable) by Moody s Investors Service.

The offering is being made under the Company s base shelf prospectus dated May 25, 2011 and the debentures will be issued pursuant to the Company s trust indenture dated June 21, 2005, as supplemented. These debentures will rank pari passu with the Company s outstanding senior unsecured debentures.

The net proceeds of the offering will be used for development and redevelopment activities, acquisitions, repayment of debt and for general corporate purposes.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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Publication:Mena Report
Date:Mar 20, 2013
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