First Capital greenshoe lifts 4.45% convertible sale by $7.5 million

By Tali David

Minneapolis, Feb. 19 - Underwriters for First Capital Realty, Inc.'s 4.45% convertible unsecured subordinated debentures exercised their over-allotment option in full, adding an additional C$7.5 million, according to a press release.

The company priced $50 million of the convertibles on Feb. 7.

The debentures were bought by a syndicate of underwriters led by Scotiabank and TD Securities Inc.

As previously reported, the initial conversion price is C$26.75, and it steps up after five years to C$27.75.

Proceeds will be used for development and redevelopment activities, for acquisitions and for general corporate purposes.

Toronto-based First Capital Realty is a shopping center owner and developer.

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