DBRS Rates First Capital Realty Inc.’s $100 Million Series P Bonds at BBB (high), with a Stable Trend

DBRS has today assigned a rating of BBB (high), with a Stable trend, to First Capital Realty Inc.’s (First Capital) $100 million 3.95% Series P Senior Unsecured Debentures (Series P Bonds) due December 5, 2022. This debt issuance is a re-opening of this series of debentures. The original issuance of the Series P Bonds ($150 million) was rated BBB (high), with a Stable trend, by DBRS on December 5, 2012.

An aggregate of $250 million of Series P Bonds will be outstanding after giving effect to this offering. DBRS understands that the use of the proceeds is to fund development and redevelopment activities, acquisitions, repayment of debt and for general corporate purposes.

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

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