First Capital Realty plans to redeem 5.7% convertibles due 2017

By Tali Rackner

Norfolk, Va., May 12 – First Capital Realty Inc. will redeem all C$42.9 million of its 5.7% convertible subordinated debentures due June 30, 2017, according to a press release.

The debentures will be redeemed at par plus accrued interest on June 30.

The redemption price and accrued interest will be paid 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 June 23.

Holders can still convert the debentures at the current conversion price of C$18.75 until 5 p.m. ET on June 29. The company’s shares closed at C$19.16 (Toronto: FCR) on May 12.

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

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