/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/
TORONTO, June 10,
2024 /CNW/ - First Capital Real Estate Investment
Trust ("First Capital" or the "REIT") (TSX: FCR.UN) announced today
that it has agreed to issue C$300
million aggregate principal amount of Series C senior
unsecured debentures (the "Debentures").
The Debentures are being offered on an agency basis by a
syndicate of agents co‐led by RBC Capital Markets, Desjardins
Capital Markets and TD Securities. The Debentures, which will be
issued at par, will bear interest at a rate of 5.455% per annum and
will mature on June 12, 2032. Subject
to customary closing conditions, the offering is expected to close
on June 12, 2024. It is a condition
of closing that the Debentures be rated at least "BBB (positive)"
by DBRS.
The offering is being made on a private placement basis in each
of the provinces of Canada, and
the Debentures will be issued pursuant to the REIT's trust
indenture dated as of May 25, 2020,
as supplemented. The Debentures will be direct unsecured
obligations of the REIT and will rank equally and rateably with all
other present and future unsecured and unsubordinated indebtedness
of the REIT.
The net proceeds of the offering will be used to repay existing
debt.
The securities offered have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold
in the United States absent
registration or an applicable exemption from the registration
requirements. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any
sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
About First Capital
REIT (TSX: FCR.UN)
First Capital owns, operates and develops grocery-anchored,
open-air centres in neighbourhoods with the strongest demographics
in Canada.
Forward‐looking Statement Advisory
This press release contains forward‐looking statements and
information within the meaning of applicable securities laws,
including statements about the REIT's issuance of the Debentures,
the closing of the offering and the use of proceeds thereof. These
forward‐looking statements are not historical facts but, rather,
reflect First Capital's current expectations and are subject to
risks and uncertainties that could cause the outcome to differ
materially from current expectations. Such risks and uncertainties
include those discussed in First Capital's Management Discussion
and Analysis for the year ended December 31,
2023 and for the quarter ended March
31, 2024 and in its current Annual Information Form.
Readers, therefore, should not place undue reliance on any such
forward‐looking statements. First Capital undertakes no obligation
to publicly update any such forward‐looking statement or to reflect
new information or the occurrence of future events or circumstances
except as required by applicable securities laws. All
forward‐looking statements in this press release are made as of the
date hereof and are qualified by these cautionary statements.
www.fcr.ca
TSX: FCR.UN
SOURCE First Capital Real Estate Investment Trust
