In the News
March 14, 2008
First Capital Realty inks agreement for purchase of 4.3 million common shares
First Capital Realty Inc. said March 13 that it entered into an agreement with a syndicate of underwriters, led by RBC Capital Markets, for the purchase of 4.3 million of its common shares for C$22.25 per share for total gross proceeds of C$95.7 million.
The transaction is subject to regulatory approval.
The company said that as part of the transaction, Gazit Canada Inc. agreed to purchase 1 million of the common shares being reoffered by the underwriters, with the remaining 3.3 million common shares being offered to the public.
The company also granted the underwriters an overallotment option, exercisable in whole or in part at any time up to 30 days after closing, to purchase up to an additional 600,000 common shares at the same offering price.
The offering is expected to close on or about March 26.
The company said the net proceeds from the offering will be used to pay down amounts owing on certain of its revolving credit facilities, to fund future acquisitions and development activities, and for general corporate purposes.
The offering is being made under the company's base shelf prospectus dated June 1, 2006.
