Announces Payment of Convertible Debenture Interest Owing on March 31, 2012 in Shares; Provides Update on Redemption of 5.50% Convertible Debentures
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 Calls'.
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 subordinated debentures:
|TSX Symbol||Interest Rate||Conversion Price||Maturity Date||Principal Outstanding (as of Feb. 7, 2012)|
|FCR.DB.C||6.25%||$14.313||December 31, 2016||$66.8 million|
|FCR.DB.D||5.70%||$18.75||June 30, 2017||$49.1 million|
|FCR.DB.E||5.40%||$22.62||January 31, 2019||$57.5 million|
|FCR.DB.F||5.25%||$23.77||January 31, 2019||$57.5 million|
|FCR.DB.G||5.25%||$23.25||March 31, 2018||$50.0 million|
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 retail development.
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 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 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.
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