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FIRST CAPITAL REALTY CLOSES $250 MILLION SENIOR UNSECURED REVOLVING CREDIT FACILITY

^{Published on 2011-07-04 06:20:40 - Market Wire}
 

TORONTO, July 4, 2011 /CNW/ - First Capital Realty Inc. ("First Capital Realty") (TSX:FCR) Canada's leading owner, developer and operator of supermarket and drugstore anchored neighbourhood and community shopping centres, located predominantly in growing metropolitan areas, announced today that it has closed a $250 million two-year senior unsecured revolving credit facility with TD Securities and Canadian Imperial Bank of Commerce serving as Joint Bookrunners, with the Toronto-Dominion Bank acting as Administrative Agent. Borrowings under the facility are priced off a ratings grid with the initial pricing set at B/A's plus 200 basis points based on First Capital Realty's Moody's and DBRS senior unsecured debt ratings of Baa3 and BBB respectively, each with a "stable" outlook.  Concurrently, the Company's existing $250 million syndicated secured facility has been reduced to $50 million.

"We are pleased to complete this $250 million unsecured revolving credit facility," stated Karen H. Weaver, EVP & CFO of First Capital Realty. "This facility is an important part of our overall financing strategy and provides us with significant financing flexibility, backed by an increasing pool of unencumbered assets."

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 metropolitan areas. The Company currently owns interests in 163 properties, including three under development, totalling approximately 22.4 million square feet of gross leasable area and seven sites in the planning stage for future retail development.