By Cristal Cody
Tupelo, Miss., July 8 – First Capital Realty Inc. priced an upsized C$60 million add-on to its 4.323% senior debentures at 101.184 to yield 4.187% on Tuesday, according to an informed source.
The series S debentures due July 31, 2025 (Baa2//DBRS: BBB) priced at a spread of 194 basis points over the interpolated Government of Canada bond curve.
First Capital Realty announced earlier in the day that it had priced C50 million of the notes in a reopening at 101.069 to yield 4.2%.
CIBC World Markets Inc. and Scotia Capital Inc. were the bookrunners.
First Capital Realty originally priced the issue on June 11 in a C$150 million offering at 100.081 to yield 4.313%, or a spread of 190 bps over the interpolated Government of Canada bond curve.
The total outstanding is C$210 million.
First Capital Realty, a Toronto-based shopping center owner, developer and manager, plans to use the proceeds to repay secured and unsecured debt that matures in 2014 and 2015.
| Issuer: | First Capital Realty Inc.
|
| Amount: | C$60 million reopening
|
| Maturity: | July 31, 2025
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| Securities: | Senior debentures
|
| Bookrunners: | CIBC World Markets Inc. and Scotia Capital Inc.
|
| Co-managers: | BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., National Bank Financial Inc. and TD Securities Inc.
|
| Coupon: | 4.323%
|
| Price: | 101.184
|
| Yield: | 4.187%
|
| Spread: | 194 bps over interpolated Government of Canada bond curve
|
| Pricing date: | July 8
|
| Settlement date: | July 14
|
| Ratings: Moody’s: Baa2
|
| DBRS: BBB
|
| Distribution: | Canada
|
| Total outstanding: | C$210 million
|
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