Calloway Real Estate Investment Trust

Calloway Real Estate Investment Trust

October 16, 2013 10:40 ET

Calloway Real Estate Investment Trust Closes $100 Million Series K Floating Rate Senior Unsecured Debenture Issue

TORONTO, ONTARIO--(Marketwired - Oct. 16, 2013) -


Calloway Real Estate Investment Trust ("Calloway" or the "REIT") (TSX:CWT.UN) announced today that it has closed its previously announced $100 million principal amount issue of Series K floating rate senior unsecured debentures. These debentures will bear interest at a rate of 3-Month CDOR plus 138 basis points, payable quarterly in arrears, and will mature on October 16, 2015. The debentures were offered through an agency syndicate consisting of BMO Nesbitt Burns Inc., CIBC, TD Securities and RBC Capital Markets.

Calloway intends to use the net proceeds from the offering to principally repay existing indebtedness, with the balance available for general trust purposes.

"At all times creating as much financial flexibility as possible, while continuing to maintain a relatively conservative level of leverage are important principles for me," indicated Huw Thomas, President and CEO. "As a result of this transaction, we have freed up all of our available operating lines at very competitive rates without affecting our leverage ratios in any material way and we have also accessed a new investor base from our traditional fixed rate buyers," added Thomas.

"DBRS Limited has provided Calloway with a credit rating of BBB, with a Stable trend, related to the debentures.

This offering is being made by way of a Prospectus Supplement to Calloway's existing $2 billion base shelf prospectus dated October 31, 2011. The terms of the offering are described in a prospectus supplement dated October 15, 2013, which was filed with Canadian securities regulators.

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
    Huw Thomas
    President and Chief Executive Officer
    (905) 326-6400 ext. 7649

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