Calloway Real Estate Investment Trust
TSX : CWT.UN

Calloway Real Estate Investment Trust

July 08, 2014 09:06 ET

Calloway Real Estate Investment Trust Announces A Private Placement of $50 Million of Additional Series I Senior Unsecured Debentures

TORONTO, ONTARIO--(Marketwired - July 8, 2014) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

Calloway Real Estate Investment Trust ("Calloway") (TSX:CWT.UN), announced today that it has issued on a private placement basis $50 million principal amount of Series I senior unsecured debentures, which is a re-opening of this series of debentures, the original issuance of which was completed on May 30, 2013. These debentures carry a coupon rate of 3.985% and will mature on May 30, 2023. The additional debentures were issued at a price of $100.19 per $100.00 principal amount plus accrued interest, with an effective yield of 3.959% if held to maturity. An aggregate of $200 million of such debentures are outstanding after giving effect to the private placement. The private placement was completed by RBC Capital Markets.

Calloway used the net proceeds from the private placement to repurchase $50 million par value of its 5.37% Series B senior unsecured debentures due October 12, 2016 for cancellation. An aggregate of $150 million of the 5.37% Series B senior unsecured debentures due October 12, 2016 are outstanding after giving effect to the repurchase and cancellation.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction. The private placement of debentures has 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 123 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 www.callowayreit.com.

Contact Information

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