First Capital plans to purchase 5.5% convertibles under issuer bid

By Melissa Kory

Cleveland, Jan. 20 - First Capital Realty Inc. announced that it will make repurchases of its 5.5% convertible subordinated debentures due Sept. 30, 2017.

The purchases will be made with a broker through an automatic securities purchase plan under the company's normal course issuer bid announced on Aug. 6.

The plan will be effective Jan. 20 and terminate no later than 12:01 a.m. ET on the third trading day after the company announces its results for the year ended on Dec. 31, 2010.

Under the plan, the broker may purchase debentures under the issuer bid at times when First Capital Realty would ordinarily not be permitted to due to its self-imposed regular quarterly blackout periods.

The company may purchase up to C$10,251,300 of the debentures for cancellation under the issuer bid. As of Dec. 31, First Capital Realty had purchased C$942,500 of the debentures under the issuer bid.

Toronto-based First Capital is a developer and operator of supermarket and drugstore-anchored shopping centers.

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