Calloway Real Estate Investment Trust

Calloway Real Estate Investment Trust

August 07, 2013 10:39 ET

Calloway Real Estate Investment Trust Closes $150 Million Series J Senior Unsecured Debenture Issue

TORONTO, ONTARIO--(Marketwired - Aug. 7, 2013) -


Calloway Real Estate Investment Trust ("Calloway" or the "REIT") (TSX:CWT.UN) announced today that it has closed its previously announced $150 million principal amount issue of Series J senior unsecured debentures. These debentures carry a coupon rate of 3.385% and mature on December 1, 2017. The issue was offered by a syndicate of dealers co-led by RBC Capital Markets, BMO Nesbitt Burns Inc. and CIBC.

Calloway intends to apply the net proceeds from the offering towards the purchase price for its previously announced acquisitions of four shopping centres located in Ottawa, Kanata, Niagara Falls and Port Perry, Ontario which are anticipated to close later in the third quarter of 2013.

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 July 31, 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 on completion of this transaction. Including the above noted acquisition, it will own and manage 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