First Capital Realty to pay interest on 7.25% convertibles in stock

New York, Nov. 3 - First Capital Realty Inc. said it will make the Dec. 31 interest payment on its 7.25% convertible unsecured subordinated debentures due June 30, 2008 in stock.

The number of shares will be calculated using a price set at 95% of the weighted average trading price of the common shares of First Capital Realty on the Toronto Stock Exchange for the 20 consecutive trading days ending on Dec. 22, 2003.

However the company added that if the average is less than C$15.00 it will pay the interest in cash.

The Toronto owner of shopping centers said it may make future interest payments on its 7.25% and 7% convertibles in shares in order to take advantage of appropriate opportunities to increase the market capitalization and public float of its shares.

On Oct. 24, First Capital Realty announced the redemption of $20 million principal amount of its 8½% convertible debentures due 2006 for stock.

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