Announces Payment of Convertible Debenture Interest Owing on March 31,
2012 in Shares; Provides Update on Redemption of 5.50% Convertible
TORONTO, Feb. 8, 2012 /CNW/ - First Capital Realty Inc. ("First Capital
Realty" or the "Company") (TSX: FCR) invites you to participate in its
live conference call with senior management announcing the Company's
2011 year end results on Friday, March 9, 2012 at 1:00 p.m. (ET).
First Capital Realty's financial statements and MD&A for the year ended
December 31, 2011 will be released prior to the call, and will be made
available on the Company's website at www.firstcapitalrealty.ca in the 'Investors' section, and on the Canadian Securities
Administrators' website at www.sedar.com. First Capital Realty's Corporate Presentation will also be available
on the Home Page of the Company's website.
Teleconference: You can participate in the live conference toll-free at 866-299-6657 or
at 416-641-6135. In order to ensure your participation, please dial-in
five minutes prior to the scheduled start time of the call. The call
will be archived through March 23, 2012 and can be accessed by dialing
toll free 800-408-3053 or 905-694-9451 with access code 2067474.
Webcast: To access the webcast, go to First Capital Realty's website at www.firstcapitalrealty.ca and click on the link for the webcast on our home page. The webcast
will be archived on our home page for 30 days and can be accessed
thereafter in the 'Investors' section of our website, under 'Conference
Management's presentation will be followed by a question and answer
period. To ask a question, press '1' followed by '4' on a touch-tone
phone. The conference call coordinator is immediately notified of all
requests in the order in which they are made, and will introduce each
questioner. To cancel your request, press '1' followed by '3'. If you
hang up, you can reconnect by dialing 866-299-6657 or 416-641-6135.
For assistance at any point during the call, press '*0'.
Payment of Convertible Debenture Interest
First Capital Realty also announced today that it will pay, in common
shares on April 2, 2012, the interest due on March 31, 2012 to holders
of the following First Capital Realty convertible unsecured
Principal Outstanding (as of Feb. 7, 2012)
December 31, 2016
June 30, 2017
January 31, 2019
January 31, 2019
March 31, 2018
The number of common shares to be issued per $1,000 principal amount of
debentures will be calculated by dividing the dollar amount of 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 ("TSX") calculated for the 20 consecutive
trading days ending on March 26, 2012. The aggregate interest payment
is approximately $7.5 million, plus any accrued and unpaid interest on
any such debentures converted on or before March 26, 2012.
Consistent with First Capital Realty's practice in respect of all its
outstanding convertible debentures, it is the Company's current
intention to continue to satisfy its obligations to pay principal and
interest on its convertible unsecured subordinated debentures through
the issuance of common shares.
Redemption of 5.50% Convertible Debentures
First Capital Realty provided an update regarding the February 15, 2012
redemption of its 5.50% convertible unsecured subordinated debentures
due September 30, 2017 (FCR.DB.A and FCR.DB.B) (the "5.50%
Debentures"). For purposes of calculating the number of First Capital
Realty common shares payable to holders of 5.50% Debentures on
redemption, the applicable volume-weighted average trading price
("VWAP") of the Company's common shares is $17.877.
As previously announced, the 5.50% Debentures will be redeemed at par,
plus accrued but unpaid interest from September 30, 2011 to but
excluding the February 15, 2012 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 VWAP, or $17.341.
Holders of 5.50% Debentures remain entitled to convert their 5.50%
Debentures at a conversion price of $17.031 per common share until 5
p.m. (Toronto time) on February 14, 2012. If 5.50% Debentures are held through a brokerage account, a
conversion notice must be provided through the broker, and the broker
may require earlier notice of a holder's intention to convert.
As of the date hereof, the principal amount of 5.50% Debentures
outstanding is approximately $19.3 million.
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 168 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 "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