First Capital Realty to redeem C$20 million 8½% convertibles

New York, Oct. 24 - First Capital Realty Inc. said it will redeem C$20 million principal amount of its 8½% convertible debentures due 2006 for stock.

The redemption will be on Oct. 30.

To calculate the number of shares to be issued, First Capital will use a price of 95% of C$15.42, the weighted average trading price of its common shares on the Toronto Stock Exchange over the 20 consecutive trading days ending Oct. 23. In total 1,365,188 shares will be issued.

The Toronto owner of shopping centers will also pay accrued and unpaid interest in cash.

The remaining debentures are convertible into stock at C$14.98.

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