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First Capital Realty Announces C$100 Million Offering of 4.55% Series N Senior Unsecured Debentures

First Capital Realty Inc.
Dori J. Segal, President & CEO
(416) 504-4114
or
First Capital Realty Inc.
Karen H. Weaver, Executive Vice President & CFO
(416) 504-4114
or
First Capital Realty Inc.
85 Hanna Avenue, Suite 400
Toronto, Ontario, Canada M6K 3S3
www.firstcapitalrealty.ca
 

TORONTO, ONTARIO--(Marketwire - March 28, 2012) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

First Capital Realty Inc. (TSX:FCR) (the "Company"), Canada's leading owner, developer and operator of supermarket and drugstore anchored neighbourhood and community shopping centres, located predominantly in growing urban markets, announced today that it has agreed to issue, on a bought deal basis, C$100 million aggregate principal amount of Series N senior unsecured debentures. These debentures will bear interest at a rate of 4.55% per annum and will mature on March 1, 2021. The offering is being underwritten by a syndicate co-led by RBC Capital Markets and TD Securities. Subject to customary closing conditions, the offering will close on April 4, 2012. It is a condition of closing to the offering that the debentures be rated "BBB" with a stable trend by DBRS and "Baa3" (stable) by Moody's Investors Service.

The offering is being made under the Company's base shelf prospectus dated May 25, 2011 and the debentures will be issued pursuant to the Company's trust indenture dated June 21, 2005, as supplemented. These debentures will rank pari passu with the Company's outstanding senior unsecured debentures.

The net proceeds of the offering will be used for development and redevelopment activities, acquisitions and for general corporate purposes.

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 REALTY (TSX:FCR)

First Capital Realty is Canada's leading owner, developer and operator of supermarket and drugstore anchored neighbourhood and community shopping centres, located predominantly in growing urban markets. The Company currently owns interests in 166 properties, including seven under development, totalling approximately 23.1 million square feet of gross leasable area and three sites in the planning stage for future retail development.

This press release contains forward-looking statements and information within the meaning of applicable securities law. Forward-looking statements can be identified by the expressions "expects", "believes", "estimates", "will" and similar expressions. The forward-looking statements are not historical facts but reflect the Company's current expectations regarding future results or events and are based on information currently available to Management. Certain material factors and assumptions were applied in providing these forward-looking statements.

Management believes that the expectations reflected in forward-looking statements are based upon reasonable assumptions; however, Management can give no assurance that the actual results or developments will be consistent with these forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed under "Risks and Uncertainties" in First Capital Realty's Management's Discussion and Analysis for the twelve-month period ended December 31, 2011 and under "Risk Factors" in its current Annual Information Form. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. First Capital Realty undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances except as required by applicable securities law.

All forward-looking statements in this press release are made as of the date hereof and are qualified by these cautionary statements.




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