Calloway Real Estate Investment Trust

Calloway Real Estate Investment Trust

February 06, 2014 12:11 ET

Calloway Real Estate Investment Trust Announces $150 Million Series L Senior Unsecured Debenture Issue

TORONTO, ONTARIO--(Marketwired - Feb. 6, 2014) -


Calloway Real Estate Investment Trust (TSX:CWT) ("Calloway"), Canada's largest owner of large format unenclosed retail properties, announced today that it has agreed to issue $150 million principal amount of Series L senior unsecured debentures on a bought deal basis. These debentures will carry a coupon rate of 3.749% and will mature on February 11, 2021. The offering is being underwritten by a syndicate co-led by BMO Nesbitt Burns Inc., CIBC and RBC Capital Markets. The offering is expected to close on or about February 11, 2014. Dominion Bond Rating Service has provided Calloway with a provisional credit rating of BBB with a stable trend relating to the debentures.

Calloway intends to use the net proceeds from the offering to repay existing indebtedness, including the redemption of its $100 million 5.10% Series E senior unsecured debentures due June 4, 2015, and for general trust purposes.

This offering is being made by way of a Prospectus Supplement to Calloway's existing $2 billion base shelf short form prospectus filed with Canadian securities regulatory authorities. The terms of the offering will be described in a prospectus supplement to be filed with Canadian securities regulators.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction. The debentures being offered have not been and will not be registered under the U.S. Securities Act of 1933 and state securities laws. Accordingly, the debentures may not be offered or sold to U.S. persons except pursuant to applicable exemptions from registration requirements.

About Calloway

Calloway is one of Canada's largest real estate investment trusts with total assets of approximately $7 billion. It owns and manages approximately 27 million square feet in 121 value-oriented retail centres having the strongest national and regional retailers, as well as strong neighbourhood merchants. Calloway's vision is to provide a value-oriented shopping experience to Canadian consumers. For more information on Calloway, visit

Contact Information

  • Calloway Real Estate Investment Trust
    Mario Calabrese
    Interim Chief Financial Officer
    (905) 326-6400 ext. 7610