TORONTO, ONTARIO--(Marketwire - July 27, 2012) -
NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES
Calloway Real Estate Investment Trust ("Calloway" or the "REIT") (TSX:CWT.UN) announced today that it has closed its previously announced $150 million aggregate principal amount issue of Series H senior unsecured debentures. These debentures carry a coupon rate of 4.05% and mature on July 27, 2020. The issue was offered by a syndicate of underwriters led by CIBC.
Calloway intends to use the net proceeds of the offering for repayment of operating lines and other indebtedness, funding of future acquisitions, and for general trust purposes.
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 offering are described in a prospectus supplement dated July 23, 2012, which was filed with Canadian securities regulators.
Calloway is one of Canada's largest real estate investment trusts with an enterprise value of approximately $6 billion. It owns and manages approximately 26 million square feet in 118 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.