First Capital Realty closes $250 million senior unsecured revolving credit facility



    TORONTO, March 6 /CNW/ - First Capital Realty Inc. ("First Capital
Realty") (TSX:FCR) Canada's leading owner, developer and operator of
supermarket anchored neighbourhood and community shopping centres, located
predominantly in growing metropolitan areas, announced today that it has
closed a $250 million three-year senior unsecured revolving credit facility
with RBC Capital Markets serving as Lead Arranger and Administrative Agent and
a syndicate of lenders comprised of Royal Bank of Canada, Bank of Montreal,
West LB AG, Bank of America, Canadian Imperial Bank of Commerce and United
Overseas Bank Limited. Borrowings under the facility are priced off a ratings
grid with the initial pricing set at B/A's plus 110 basis points based on
First Capital Realty's Moody's and DBRS senior unsecured debt ratings of Baa3
and BBB(low), (stable outlook), respectively. Borrowings under the facility
may be increased to up to $350 million. The new facility replaces First
Capital Realty's existing secured facilities and provides borrowing
availability based, among other things, on the Company's pool of unencumbered
assets and is also in line with the Company's other debt covenants.
    "We are pleased to complete this $250 million unsecured revolving credit
facility which was oversubscribed," stated Karen H. Weaver, Chief Financial
Officer of First Capital Realty, "this facility is an important part of our
overall financing strategy emphasizing financial flexibility, moderate
corporate leverage, an increasing reliance on unsecured debt and industry
leading credit profile."

    About First Capital Realty (TSX:FCR)

    First Capital Realty is Canada's leading owner, developer and operator of
supermarket anchored neighbourhood and community shopping centres, located
predominantly in growing metropolitan areas. The Company currently owns
interests in 157 properties, including 6 under development, with approximately
18.1 million square feet of gross leasable area. In addition, the Company owns
13.9 million shares of Equity One (approximately 19.1%), one of the largest
shopping centre REITS in the southern U.S., that trades on the New York Stock
Exchange under the ticker symbol EQY. Including its investment in Equity One,
the Company has interests in 336 properties totalling approximately 36.7
million square feet of gross leasable area.

    This press release may contain forward-looking statements relating to
First Capital Realty's operations and the environment in which it operates
that are based on First Capital Realty's expectations, estimates, forecasts
and projections. These statements are not guarantees of future performance and
involve risks and uncertainties that are difficult to control or predict.
Therefore, actual outcomes and results may differ materially from those
expressed in these forward-looking statements. 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.





For further information:

For further information: Dori J. Segal, President & C.E.O., or Karen H.
Weaver, C.F.O., First Capital Realty Inc., BCE Place, TD Canada Trust Tower,
85 Hanna Avenue, Suite 400, Toronto, Ontario, Canada M6K 3S3, Tel: (416)
504-4114, Fax: (416) 941-1655, www.firstcapitalrealty.ca


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