/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES/
TORONTO, March 1,
2024 /CNW/ - First Capital REIT ("First Capital"
or the "REIT") (TSX: FCR.UN) announced today that it has closed its
previously announced offering (the "Offering") of C$300 million aggregate principal amount of
Series B senior unsecured debentures (the "Debentures") on a
private placement basis in certain provinces of Canada.
The Debentures were offered on an agency basis by a syndicate of
agents co‐led by Desjardins Capital Markets, RBC Capital Markets
and TD Securities. The Debentures were issued at par, bear interest
at a rate of 5.572% per annum and will mature on March 1, 2031. Inclusive of the benefit of bond
forward hedges, the REIT's all-in interest rate on the Debentures
will be 5.481% per annum.
The Debentures are rated "BBB (stable)" by DBRS.
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.
www.fcr.ca
TSX: FCR.UN
Forward‐looking Statement Advisory
This press release contains forward‐looking statements and
information within the meaning of applicable securities laws,
including statements about the use of proceeds from the Offering
and the effect of bond forward hedges. 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,
among others, those discussed in First Capital's MD&A for the
year ended December 31, 2023 as well
as 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.
SOURCE First Capital REIT
