By Rebecca Melvin
New York, Sept. 9 - First Capital Realty Inc. priced C$75 million of seven-year convertibles on a bought-deal basis at par to yield 6.25% with an initial conversion premium of 19%, according to a news release.
The issue was made via a syndicate of underwriters led by BMO Capital Markets, TD Securities Inc. and RBC Capital Markets.
Proceeds will be used to pay down amounts owing on certain revolving credit facilities.
The debentures, which mature Dec. 31, 2016, will be convertible at the option of holders into common shares of the company at a conversion rate of 43.6681 common shares per C$1,000 principal amount of debentures, which is equal to a conversion price of C$22.90 per share.
The debt will rank pari passu with the company's existing 5.5% convertible debentures.
Based in Toronto, First Capital is a developer and operator of supermarket and drugstore-anchored shopping centers.
| Issuer: | First Capital Realty Inc.
|
| Issue: | Convertible unsecured subordinated debentures
|
| Joint lead managers: | BMO Capital Markets, TD Securities Inc. and RBC Capital Markets
|
| Amount: | C$75 million
|
| Maturity: | Dec. 31, 2016
|
| Coupon: | 6.25%
|
| Price: | Par
|
| Yield: | 6.25%
|
| Conversion premium: | 19%
|
| Conversion price: | C$22.90
|
| Conversion ratio: | 43.6681
|
| Pricing date: | Sept. 9
|
| Settlement date: | Sept. 18
|
| Distribution: | Public offering; Regulation S
|
| Stock symbol: | TSX: FCR
|
| Stock reference price: | C$19.24
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
