DBRS Rates First Capital Realty’s Additional $75 Million Series R Senior Unsecured Debentures at BBB (high), Stable

DBRS has today assigned a rating of BBB (high), with a Stable trend, to an additional $75 million of 4.79% Series R Senior Unsecured Debentures due August 30, 2024 (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 offering of the Bonds, totalling $150 million, was rated by DBRS on January 14, 2014, at BBB (high) with a Stable trend. DBRS notes that this re-opening of Series R Bonds does not change the previously assigned rating.

An aggregate of $225 million of the Series R Senior Unsecured Debentures will be outstanding after giving effect to this offering. The Bonds are direct senior unsecured obligations of First Capital and rank pari passu with all other unsecured and unsubordinated indebtedness of First Capital. The net proceeds from the offering will be used to repay secured indebtedness maturing throughout 2014.

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

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

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