By Rebecca Melvin
New York, Dec. 6 - First Capital Realty Inc. priced C$50 million of convertibles due 2018 on a bought-deal basis at par to yield 5.25% with an initial conversion premium of 35%, according to a release.
The debenture issue, which has a C$7.5 million greenshoe, was made via a syndicate of underwriters led by Scotia Capital Inc. and TD Securities Inc.
The debentures are convertible at a price of C$23.25.
On redemption or maturity, the company plans to issue to holders stock at 97% of the volume-weighted average trading price for 20 trading days.
Proceeds will be used for development and redevelopment activities, for acquisitions and for general corporate purposes.
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
|
| Amount: | C$50 million
|
| Greenshoe: | C$7.5 million
|
| Maturity: | March 31, 2018
|
| Underwriters: | Scotia Capital Inc. and TD Securities Inc.
|
| Coupon: | 5.25%
|
| Price: | Par
|
| Yield: | 5.25%
|
| Conversion premium: | 35%
|
| Conversion price: | C$23.25
|
| Conversion ratio: | 43.0108
|
| Pricing date: | Dec. 6
|
| Settlement date: | Dec. 15
|
| Distribution: | Public offering in Canada
|
| Stock symbol: | Toronto: FCR
|
| Stock reference price: | C$17.16
|
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