DBRS Notes $10 Million Increase in First Capital Realty’s BBB-Rated Issue of Sr Unsecured Debentures

DBRS notes that First Capital Realty Inc. (First Capital or the Company) has announced a $10 million increase in its issue of 5.6% Series M senior unsecured debentures due April 30, 2020 (the Bonds). DBRS today assigned a rating of BBB, with a Stable trend, to the Bonds, which are now in the amount of $110 million.

The Bonds are direct senior unsecured obligations of First Capital and rank pari passu with all other unsecured and unsubordinated indebtedness of the Company. The proceeds will be used to fund development and redevelopment activities, acquisitions and for general corporate purposes.

Note:
All figures are in Canadian dollars unless otherwise noted.

The applicable methodology is Rating Real Estate, which can be found on our website under Methodologies.