DBRS Rates First Capital Realty’s $150 Million Reopening of Series T 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 or the Company) $150 million re-opening of the 3.604% Series T Senior Unsecured Debentures, due May 6, 2026 (Series T Bonds). DBRS notes that this subsequent re-opening of the Series T Bonds does not change the previously assigned rating. The original issuance of $150 million, which closed on May 6, 2016, was rated BBB (high) with a Stable trend by DBRS.

An aggregate of $300 million of the Series T Bonds will be outstanding after giving effect to this offering. The Series T Bonds are guaranteed by select subsidiaries of First Capital and rank equally and rateably with all other unsecured and unsubordinated indebtedness of the Company. DBRS understands that the net proceeds will be used to partially fund the capital requirements in connection with the acquisitions announced on August 4, 2016, to repay 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 (June 2016), DBRS Criteria: Guarantees and other Forms of Support (February 2016), and Preferred Share and Hybrid Security 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.