DBRS Rates First Capital Realty’s $90 Million Re-opening of Series S Senior Unsecured Debentures at BBB (high), Stable

DBRS Limited (DBRS) has today assigned a rating of BBB (high) with a Stable trend to First Capital Realty Inc.’s (First Capital) $90 million re-opening of the Series S Senior Unsecured Debentures, due July 31, 2025 (Series S Bonds). The original issuance of $150 million which closed on June 17, 2014, and the last re-opening of $60 million which closed on July 14, 2014, were rated BBB (high) with Stable trends by DBRS. DBRS notes that this re-opening of Series S Bonds does not change the previously assigned ratings.

An aggregate of $300 million of the Series S Bonds will be outstanding after giving effect to this offering. The Series S Bonds 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 debt maturing throughout 2015 and for general corporate purposes.

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.