/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/
TORONTO, Oct. 30,
2024 /CNW/ - First Capital Real Estate Investment
Trust ("First Capital" or the "REIT") (TSX: FCR.UN) announced today
that it has agreed to issue C$200
million aggregate principal amount of Series D senior
unsecured debentures (the "Debentures").
The Debentures are being offered on an agency basis by a
syndicate of agents co‐led by Desjardins Capital Markets, RBC
Capital Markets and TD Securities. The Debentures, which will be
issued at a price of $99.995 per
$100.00 principal amount of
Debentures, will bear interest at a rate of 4.513% per annum and
will mature on June 3, 2030.
Inclusive of the benefit of bond forward hedges, the REIT's all-in
interest rate will be approximately 4.47% per annum. Subject to
customary closing conditions, the offering is expected to close on
November 1, 2024. It is a condition
of closing that the Debentures be rated at least "BBB (positive)"
by DBRS.
The offering is being made on a private placement basis in each
of the provinces of Canada, and
the Debentures will be issued pursuant to the REIT's trust
indenture dated as of May 25, 2020,
as supplemented. The Debentures will be direct unsecured
obligations of the REIT and will rank equally and rateably with all
other present and future unsecured and unsubordinated indebtedness
of the REIT.
The net proceeds of the offering will be used to repay
existing debt and for general business purposes.
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
REIT (TSX: FCR.UN)
First Capital owns, operates and develops grocery-anchored,
open-air centres in neighbourhoods with the strongest demographics
in Canada.
Forward‐looking Statement Advisory
This press release contains forward‐looking statements and
information within the meaning of applicable securities laws,
including statements about the REIT's issuance of the Debentures,
the closing of the offering and the use of proceeds thereof. These
forward‐looking statements are not historical facts but, rather,
reflect First Capital's current expectations and are subject to
risks and uncertainties that could cause the outcome to differ
materially from current expectations. Such risks and uncertainties
include those discussed in First Capital's Management Discussion
and Analysis for the year ended December 31,
2023 and for the quarter ended September 30, 2024 and in its current Annual
Information Form. Readers, therefore, should not place undue
reliance on any such forward‐looking statements. First Capital
undertakes no obligation to publicly update any such
forward‐looking statement or to reflect new information or the
occurrence of future events or circumstances except as required by
applicable securities laws. 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 Real Estate Investment Trust
