First Capital to renew issuer bid for six series of convertibles

By Wendy Van Sickle

Columbus, Ohio, Aug. 21 – First Capital Realty Inc. said it intends to renew it normal course issuer bid for the following six series of convertible subordinated debentures:

• Up to C$5,589,100 of its C$55,891,000 of outstanding 5.4% series E convertible unsecured subordinated debentures due Jan. 31, 2019 due Jan. 31, 2019;

• Up to C$5,487,000 of its C$54,973,000 of outstanding 5.25% series F convertible unsecured subordinated debentures due Jan. 31, 2019;

• Up to C$4,937,900 of its C$49,629,000 of outstanding 5.25% series G convertible unsecured subordinated debentures due March 31, 2018;

• Up to C$7,159,200 of its C$71,592,000 of outstanding 4.95% series H convertible unsecured subordinated debentures due March 31, 2017;

• Up to C$5,163,600 of its C$ 51,636,000 of outstanding 4.75% series I convertible unsecured subordinated debentures due July 31, 2019; and

• Up to C$5.65 million of its C$56.5 million 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. 11.

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, 2016 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$4,008 of 5.4% convertibles, C$8,656 of 5.25% convertibles due 2019, C$9,291 of 5.25% convertibles due 2018, C$5,683 of 4.95% debentures, C$4,645of 4.75% debentures and C$7,720 of 4.45% debentures.

Based in Toronto, First Capital Realty owns, develops and operates supermarket and drugstore anchored shopping centers.

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