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

DBRS has today assigned a rating of BBB (high), with a Stable trend, to First Capital Realty Inc.’s (First Capital) $75 million reopening of Series R Senior Unsecured Debentures, due August 30, 2024 (the Bonds). DBRS notes that this is the second reopening of this series of debentures. The previous offering of the Bonds ($150 million) and the first reopening ($75 million) were rated by DBRS at BBB (high), with Stable trends, on January 14, 2014, and February 5, 2014, respectively. DBRS notes that this reopening of Series R Bonds does not change the previously assigned rating.

An aggregate of $300 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 and unsecured 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.