First Capital Realty Inc.
TSX : FCR

First Capital Realty Inc.

March 24, 2006 09:19 ET

First Capital Realty Inc. Announces $100 Million Series B Senior Unsecured Debenture Issue

TORONTO, ONTARIO--(CCNMatthews - March 24, 2006) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

First Capital Realty Inc. ("First Capital") (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 agreed to issue, on a bought deal basis, $100 million principal amount of Series B senior unsecured debentures. These debentures will carry a coupon rate of 5.25% and will mature on March 30, 2011. The offering is being underwritten by a syndicate led by RBC Dominion Securities Inc. The offering is expected to close on or about March 30, 2006. Dominion Bond Rating Service has provided First Capital Realty with a credit rating of BBB (low) with a stable trend relating to the debentures.

This offering is being made under First Capital's base shelf prospectus dated June 8, 2005. The terms of the offering will be described in a prospectus supplement to be filed with Canadian securities regulators.

The net proceeds from the offering will be used by First Capital to repay its credit facilities and to fund future acquisitions, development and redevelopment activities and for general corporate purposes.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction. The debentures being offered have not been and will not be registered under the U.S. Securities Act of 1933 and state securities laws. Accordingly, the debentures may not be offered or sold to U.S. persons except pursuant to applicable exemptions from registration requirements.

About First Capital

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 136 properties, including 6 under development, with approximately 16.1 million square feet of gross leasable area. In addition, the Company owns 13.3 million shares of Equity One (approximately 17.8%), 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 331 properties totalling approximately 36.3 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.

Contact Information

  • First Capital Realty Inc.
    Dori J. Segal
    President & C.E.O.
    (416) 504-4114
    (416) 941-1655 (FAX)
    BCE Place, Canada Trust Tower, 161 Bay Street, Suite 2820
    Toronto, Ontario, Canada M5J 2S1
    or
    First Capital Realty Inc.
    Karen H. Weaver
    C.F.O.
    (416) 504-4114
    (416) 941-1655 (FAX)
    www.firstcapitalrealty.ca