First Capital Realty plans issuer bid for seven series of convertibles

By Jennifer Chiou

New York, Aug. 23 - First Capital Realty Inc. said it intends to make a normal course issuer bid for the following seven series of convertible subordinated debentures:

• Up to C$4,397,900 of its C$43,987,300 of outstanding 5.7% convertible subordinated debentures due June 30, 2017;

• Up to C$5.75 million of its C$57.5 million of outstanding 5.4% convertible subordinated debentures due Jan. 31, 2019;

• Up to C$5.74 million of its C$57.5 million of outstanding 5.25% convertible subordinated debentures due Jan. 31, 2019;

• Up to C$4,975,000 of its C$50 million of outstanding 5.25% convertible subordinated debentures due March 31, 2018;

• Up to C$7.5 million of its C$75 million of outstanding 4.95% convertible subordinated debentures due March 31, 2017;

• Up to C$5.25 million of its C$52.5 million of outstanding 4.75% convertible subordinated debentures due July 31, 2019; and

• Up to C$5.75 million of its C$57.5 million of outstanding 4.45% convertible subordinated debentures due Feb. 28, 2020.

First Capital said that its convertible debentures could be trading in a range that may not fully reflect their value. As a result, the company will purchase the convertible debentures from time to time at prices appropriate given its available funds.

The company said that purchases under the normal course issuer bid may also increase the liquidity of the debentures.

First Capital intends to begin the bid on Aug. 27. The bid will expire on Aug. 26, 2014 or an earlier date if the company completes its purchases within the year.

All purchases will be made through the Toronto Stock Exchange or other Canadian marketplaces.

All convertible debentures purchased under the normal course issuer bid will be canceled.

First Capital said in a press release that there is a daily limit of C$5,700 of 5.7% convertibles, C$4,800 of 5.4% convertibles, C$10,800 of 5.25% convertibles due 2019, C$16,100 of 5.25% convertibles due 2018, C$7,900 of 4.95% debentures, C$6,700 of 4.75% debentures and C$26,200 of 4.45% debentures.

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

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