DBRS Rates First Capital’s Additional $50 Million Series O Senior Unsecured Debentures at BBB (high), with a Stable Trend

DBRS has today assigned a rating of BBB (high), with a Stable trend, to an additional $50 million of 4.43% Series O Senior Unsecured Debentures due January 31, 2022 (the Bonds), issued by First Capital Realty Inc. (First Capital). The rating assignment follows First Capital’s announcement that it has re-opened this series of debentures. The previous offerings of the Series O Senior Unsecured Debentures, totalling $150 million, were rated BBB by DBRS at the time of their respective issuances and were subsequently upgraded to BBB (high), Stable trend, on November 14, 2012.

An aggregate of $200 million of the Series O Senior Unsecured Debentures will be outstanding after giving effect to this offering. DBRS understands that the net proceeds from this offering will be used for development and redevelopment activities, acquisitions and for general corporate purposes. The Bonds will rank equally and rateably with First Capital’s existing Senior Unsecured Debentures.

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.