First Capital Realty plans issuer bid for seven series of convertibles

By Toni Weeks

San Luis Obispo, Calif., Aug. 22 – 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$4,289,530 of its C$42,903,300 of outstanding 5.7% series D convertible unsecured subordinated debentures due June 30, 2017;

• Up to C$5,694,700 of its C$56,947,000 of outstanding 5.4% series E convertible unsecured subordinated debentures due Jan. 31, 2019;

• Up to C$5,689,000 of its C$56.99 million of outstanding 5.25% series F convertible unsecured subordinated debentures due Jan. 31, 2019;

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

• Up to C$7,488,600 of its C$74,886,000 of outstanding 4.95% series H convertible unsecured subordinated debentures due March 31, 2017;

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

• Up to C$5,739,800 of its C$57,398,000 of outstanding 4.45% series J convertible unsecured subordinated debentures due Feb. 28, 2020.

The total limit for each series represents 10% of the public float of that series as of Aug. 14.

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, 2015 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$5,400 of 5.7% convertibles, C$4,700 of 5.4% convertibles, C$10,700 of 5.25% convertibles due 2019, C$8,900 of 5.25% convertibles due 2018, C$7,300 of 4.95% debentures, C$6,800 of 4.75% debentures and C$14,600 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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