DBRS Assigns BBB (high) Rating to First Capital Realty’s $300 Million Series U 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) $300 million 3.753% Series U Senior Unsecured Debentures (Series U Bonds) due July 12, 2027.

The Series U Bonds are 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 repay amounts outstanding on First Capital’s senior unsecured revolving credit facility and for general corporate purposes, including investments.

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

The principal methodologies are Rating Entities in the Real Estate Industry (April 2017), DBRS Criteria: Guarantees and Other Forms of Support (February 2017) and DBRS Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (December 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.