TORONTO, Jan. 6, 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 metropolitan areas, announced
today that its Board of Directors has approved, subject to regulatory
approval, the redemption of the remaining principal amount of both
classes of its 5.50% convertible unsecured subordinated debentures due
September 30, 2017 (FCR.DB.A and FCR.DB.B) (the "5.50% Debentures").
As of the date hereof, the principal amount of 5.50% Debentures
outstanding is approximately $19.9 million. The redemption date will be
on or about February 15, 2012. A formal notice of redemption will be
sent to holders of the 5.50% Debentures and a further press release
will be issued by First Capital Realty confirming the redemption date
once regulatory approval has been obtained.
The 5.50% Debentures will be redeemed at par, plus accrued but unpaid
interest from September 30, 2011 to but excluding the redemption date.
The full redemption price and interest owing will be satisfied by the
issuance of common shares. The number of common shares to be issued
will be calculated by dividing the dollar amount of principal and
interest payable by an amount equal to 97% of the volume-weighted
average trading price of the common shares of First Capital Realty on
the Toronto Stock Exchange calculated for the 20 consecutive trading
days ending on the fifth trading day preceding the redemption date.
Holders of 5.50% Debentures remain entitled to convert their 5.50%
Debentures at the current conversion price of $17.031 (being a ratio of
approximately 58.716 common shares per $1,000 principal amount of 5.50%
Debentures) until 5 p.m. (Toronto time) on the first business day
preceding the redemption date.
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 metropolitan areas.
The Company currently owns interests in 169 properties, including ten
under development, totalling approximately 23.2 million square feet of
gross leasable area and three sites in the planning stage for future
* * * *
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 "intends", "expects",
"believes", "estimates", "will", "anticipates" and similar expressions.
The forward-looking statements are not historical facts but reflect the
Company'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
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 Management's Discussion and
Analysis for the twelve-month period ended December 31, 2010 and the
three- and nine-month periods ended September 30, 2011 and under "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