Calloway Real Estate Investment Trust

TSX : CWT


Calloway Real Estate Investment Trust

February 11, 2014 09:57 ET

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

TORONTO, ONTARIO--(Marketwired - Feb. 11, 2014) -

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

Calloway Real Estate Investment Trust (TSX:CWT) ("Calloway") announced today that it has closed its previously announced $150 million principal amount issue of Series L senior unsecured debentures. These debentures carry a coupon rate of 3.749% and will mature on February 11, 2021. The issue was offered by a syndicate of dealers co-led by BMO Capital Markets, CIBC and RBC Capital Markets.

Calloway intends to use the net proceeds from the offering to repay existing indebtedness, including the previously announced redemption of its $100 million 5.10% Series E senior unsecured debentures due June 4, 2015, and for general trust purposes. The redemption will take place on March 10, 2014.

DBRS Limited has provided Calloway with a credit rating of BBB, with a stable trend, relating to the debentures.

This offering is being made by way of a Prospectus Supplement to Calloway's existing $2 billion short form base shelf prospectus dated November 29, 2013. The terms of the offering are described in a prospectus supplement dated February 7, 2014, which has been 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 www.callowayreit.com.

Contact Information

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