DBRS Rates First Capital Realty’s $60 Million Reopening of Series S 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) $60 million re-opening of Series S Senior Unsecured Debentures, due July 31, 2025 (Series S Bonds). The original issuance ($150 million) was rated BBB (high) with a Stable trend by DBRS on June 12, 2014. DBRS notes that this re-opening of Series S Bonds does not change the previously assigned rating.

An aggregate of $210 million of the Series S Bonds will be outstanding after giving effect to this offering. The Series S Bonds will rank equally and rateably with all other present and future unsecured and unsubordinated indebtedness of First Capital. The net proceeds from this issuance will be used for repayment of secured and unsecured debt maturing throughout 2014 and 2015.

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 (October 2013), which can be found on our website under Methodologies.