First Capital Realty Announces Completion of $453 Million Bought Deal Secondary Offering by Gazit

About this update from First Capital Real Estate Investment Trust

[{"type":"text","content":"\n\n\n\nFirst Capital Realty Announces Completion of $453 Million Bought Deal Secondary Offering by Gazit\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, April 11, 2019\n\n\n\n/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/\n TORONTO, April 11, 2019 /CNW/ - First Capital Realty Inc. (\"FCR\" or the \"Company\") (TSX: FCR), one of the largest owners, developers and operators of necessity-based real estate located in Canada's most densely populated urban centres, announced today the closing of the previously announced bought deal secondary offering of 22,000,000 common shares of FCR (the \"Shares\") at a price of $20.60 per Share by a subsidiary of Gazit-Globe Ltd. (together with its affiliates, \"Gazit\") to a syndicate of underwriters (the \"Underwriters\") led by RBC Dominion Securities Inc. for gross proceeds to Gazit of approximately $453 million (the \"Offering\").\nThe Shares were sold by Gazit on an instalment receipt (the \"Instalment Receipts\") basis at a price of $20.60 per Share, of which $10.30 per Share was paid on the date hereof for gross proceeds of approximately $226 million and such proceeds have been placed into escrow pending the completion of the previously announced share repurchase by FCR of 36 million of its common shares held by Gazit (the \"Concurrent Share Repurchase\"). The remaining $10.30 per Share (the \"Final Instalment\") is payable by holders of Instalment Receipts to Gazit at any time following the completion of the Concurrent Share Repurchase and no later than April 13, 2020. Closing of the Concurrent Share Repurchase is expected to occur on April 16, 2019, subject to the satisfaction of customary closing conditions. \nPrior to payment of the Final Instalment, a holder's beneficial ownership of the Shares will be represented by the Instalment Receipts. Holders of Instalment Receipts will have the same rights and privileges, and be subject to the same limitations, as registered holders of common shares of FCR, except for certain rights and ...

More updates from First Capital Real Estate Investment Trust