DBRS Assigns BBB (high) Rating to First Capital Realty’s $150 Million Series T Senior Unsecured Debentures, Stable Trend

DBRS Limited (DBRS) has today assigned a rating of BBB (high) with a Stable trend to First Capital Realty Inc.’s (First Capital or the Company) $150 million 3.604% Series T Senior Unsecured Debentures, due May 6, 2026 (Series T Bonds).

The Series T Bonds will be guaranteed by select subsidiaries of First Capital, and rank equally and rateably with all other present and future unsecured and unsubordinated indebtedness of the Company. DBRS understands that the net proceeds will be used to pay amounts outstanding on the Company’s senior unsecured revolving credit facility and for general corporate purposes.

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

The applicable methodologies are Rating Entities in the Real Estate Industry (May 2015), DBRS Criteria: Guarantees and Other Forms of Support (February 2016) and Preferred Share and Hybrid Criteria for Corporate Issuers (January 2016), which can be found on our website under Methodologies.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.