By Cristal Cody
Prospect News, March 28 - First Capital Realty Inc. sold an upsized C$175 million of 4.5% series N senior debentures due March 1, 2021 on Wednesday at 100.084 to yield 4.489%, according to the company and a bond source.
The debentures (Baa3/DBRS: BBB) priced at a spread of 237.3 basis points over the Government of Canada benchmark.
The deal was upsized from C$100 million.
RBC Capital Markets Corp. and TD Securities Inc. were the lead managers.
Proceeds will be used for development and redevelopment activities, for acquisitions and for general corporate purposes.
The company last sold debentures in the Canadian market on June 3 with a C$65 million add-on to its 5.6% senior debentures due 2020, priced at 102.486 to yield 5.244%.
Toronto-based First Capital Realty owns, develops and operates supermarket- and drugstore-anchored shopping centers in metropolitan areas in Canada.
| Issuer: | First Capital Realty Inc.
|
| Amount: | C$175 million
|
| Maturity: | March 1, 2021
|
| Securities: | Senior debentures
|
| Bookrunners: | RBC Capital Markets Corp., TD Securities Inc.
|
| Coupon: | 4.5%
|
| Price: | 100.084
|
| Yield: | 4.489%
|
| Spread: | 237.3 bps over Government of Canada benchmark
|
| Pricing date: | March 28
|
| Settlement date: | April 4
|
| Ratings: | Moody's: Baa3
|
| DBRS: BBB
|
| Distribution: | Canada
|
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