/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE
TORONTO, Sept. 19, 2012 /CNW/ - First Capital Realty Inc. ("First
Capital Realty") (TSX:FCR), 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 closed its previously announced
offering of 12.5 million units (the "Units") of First Capital Realty at
a price of $19.22 per Unit for gross proceeds of $240.3 million. Each
Unit consists of one common share of First Capital Realty (each, a
"Common Share") and one-fourth (1/4) of one whole common share purchase
warrant (each, a "Warrant"). The Common Shares and the Warrants
separated immediately upon closing of the offering. Each whole Warrant
entitles the holder to acquire at any time up to 5:00 p.m. (Toronto
time) on August 2, 2013, one Common Share of First Capital Realty at an
exercise price of $19.75 per share.
The whole Warrants have the same terms as First Capital Realty's
existing warrants (TSX: FCR.WT.B) and will be listed on the TSX under
the same symbol.
The offering was underwritten by a syndicate of underwriters led by TD
Securities Inc. and including RBC Dominion Securities Inc., BMO Nesbitt
Burns Inc., CIBC World Markets Inc., Scotia Capital Inc., National Bank
Financial Inc., Canaccord Genuity Corp., Macquarie Capital Markets
Canada Ltd. and Raymond James Ltd.
The underwriters have been granted an over-allotment option, exercisable
in whole or in part at any time up to October 11, 2012, to purchase up
to an additional 15% of the Units issued in the offering which, if
exercised in full, would increase the gross proceeds to $276.3
million. If exercised, the over-allotment option may be exercised for
any combination of up to 1,875,000 additional Units, or up to 1,875,000
additional Common Shares and/or 468,750 additional whole Warrants.
The net proceeds from the offering will be used by First Capital Realty
to fund its operations and repay debt.
The offering was undertaken in line with First Capital Realty's stated
key strategic business objective to become a higher credit rated
company. Furthermore, First Capital Realty expects that the offering
will materially strengthen its financial position and materially
increase its public float, which it expects should increase the
liquidity of the Common Shares.
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.
ABOUT FIRST CAPITAL REALTY (TSX:FCR)
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. First
Capital Realty currently owns interests in 172 properties, including
six under ground-up development, totalling approximately 24.1 million
square feet of gross leasable area and four sites in the planning stage
for future retail development.
Forward Looking Statements
This press release contains forward-looking statements and information
within the meaning of applicable securities law. Forward-looking
statements can be identified by the expressions "expects", "believes",
"estimates", "will" and similar expressions. Statements pertaining to
the effect of the offering on First Capital Realty's financial position
and the public float and liquidity of the common shares of First
Capital Realty also constitute forward-looking statements. The
forward-looking statements are not historical facts but reflect First
Capital Realty's current expectations regarding future results or
events and are based on information currently available to Management.
Certain material factors and assumptions were applied in providing
these forward-looking statements.
Management believes that the expectations reflected in forward-looking
statements are based upon reasonable assumptions; however, Management
can give no assurance that the actual results or developments will be
consistent with these forward-looking statements. These forward-looking
statements are subject to a number of risks and uncertainties that
could cause actual results or events to differ materially from current
expectations, including the matters discussed under "Risks and
Uncertainties" in First Capital Realty's 2011 Annual Report and "Risk
Factors" in its current Annual Information Form. Readers, therefore,
should not place undue reliance on any such forward-looking statements.
Further, a forward-looking statement speaks only as of the date on
which such statement is made. First Capital Realty undertakes no
obligation to publicly update any such statement or to reflect new
information or the occurrence of future events or circumstances except
as required by applicable securities law.
All forward-looking statements in this press release are made as of the
date hereof and are qualified by these cautionary statements.
SOURCE: First Capital Realty Inc.
For further information:
Dori J. Segal, President & CEO, or
Karen H. Weaver, Executive Vice President & CFO
First Capital Realty Inc.
85 Hanna Avenue, Suite 400
Toronto, Ontario, Canada M6K 3S3
Tel: (416) 504-4114