By Rebecca Melvin
New York, April 18 - First Capital Realty Inc. priced C$50 million eight-year convertibles on a bought-deal basis at par to yield 5.4% with an initial conversion premium of 39%, according to a syndicate source.
The debenture issue, which has a C$7.5 million greenshoe, was made via a syndicate of underwriters led by RBC Capital Markets and TD Securities Inc.
The debentures are non-callable until Jan. 31, 2015 and then are provisionally callable for two years subject to a 125% price hurdle.
In a share settlement at redemption, payout will be based on dividing the C$1,000 principal amount by 97% of the volume-weighted average trading price of the common shares on the Toronto Stock Exchange for 20 consecutive 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: | Jan. 31, 2019
|
| Underwriters: | RBC Capital Markets and TD Securities Inc.
|
| Coupon: | 5.4%
|
| Price: | Par
|
| Yield: | 5.4%
|
| Conversion premium: | 39%
|
| Conversion price: | C$22.62
|
| Conversion ratio: | 43.2087
|
| Pricing date: | April 18
|
| Settlement date: | April 28
|
| Distribution: | Public offering in Canada
|
| Stock symbol: | Toronto: FCR
|
| Stock reference price: | C$16.02
|
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