First Capital Realty plans to redeem its 5.25% and 4.95% convertibles

By Wendy Van Sickle

Columbus, Ohio, Feb. 24 – First Capital Realty Inc. will redeem all C$49,582,000of its 5.25% convertible subordinated debentures due March 31, 2018 and all C$71,006,000 of its 4.95% convertible subordinated debentures due March 31, 2017, according to a press release.

The debentures will be redeemed at par plus accrued interest on April 1.

The redemption price and accrued interest will be paid half in cash and half in stock. The number of shares to be issued will be calculated by dividing the principal amount and accrued interest by an amount equal to 97% of the volume-weighted average trading price of the company’s shares on the 20 consecutive trading days ending March 24.

Holders can still convert the debentures at the current conversion price until 5 p.m. ET on March 23. The company’s shares closed at C$19.72 (Toronto: FCR) on Feb. 24.

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

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