First Capital REIT Announces C$250 Million Offering of Series G Senior Unsecured Debentures and Redemption of C$300 Million of Series T Senior Unsecured Debentures

Executive Summary

• First Capital REIT announced a C$250 million private‑placement issuance of Series G senior unsecured debentures (4.760% interest, maturing 15 Feb 2035).
• Net proceeds will be used, in part, to redeem the outstanding C$300 million of Series T senior unsecured debentures due May 6 2026.
• The offering is expected to close on 8 Dec 2025, subject to customary conditions and a minimum “BBB” rating with a positive outlook from DBRS.

Key Details

• Series G Debentures:
• Aggregate principal amount: C$250 million.
• Issue price: $99.986 per $100 principal.
• Coupon: 4.760% per annum.
• Maturity: 15 Feb 2035.
• Offering method: Private placement in each Canadian province, agency basis led by Desjardins Capital Markets, RBC Capital Markets and TD Securities.

• Rating requirement: Minimum “BBB” with a positive outlook from DBRS.

• Use of Proceeds:

• Primary use is to repay, in part, the redemption of C$300 million of co‑issued Series T debentures.

• Series T Redemption:

• Total outstanding principal: C$300 million (3.604% senior unsecured debentures due May 6 2026).
• Record date for redemption: 24 Dec 2025.
• Redemption date: 31 Dec 2025.

• Redemption price: Approximately $1,000.828 per $1,000 principal plus accrued interest of ~C$5.431 (excluding the redemption date).

• Closing Timeline:

• Expected closing of Series G offering: 8 Dec 2025, subject to customary closing conditions.

• Regulatory Note:

• The debentures are not registered under the U.S. Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption.

Notable Quotes

(No direct quotes were provided in the release.)