Calloway Real Estate Investment Trust
TSX : CWT.UN

Calloway Real Estate Investment Trust

July 22, 2014 09:20 ET

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

TORONTO, ONTARIO--(Marketwired - July 22, 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 closed its previously announced $150 million principal amount issue of Series M senior unsecured debentures. These debentures carry a coupon rate of 3.73% and will mature on July 22, 2022. The issue was offered by a syndicate of dealers co-led by RBC Capital Markets, BMO Capital Markets and CIBC.

Calloway intends to use the net proceeds from the offering for future property acquisitions, repayment of debt maturing in 2014 and for general trust purposes.

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

The debentures offered have not been registered under the United States Securities Act of 1933, as amended. Absent registration or an applicable exemption from the registration requirements, this press release does not constitute an offer to sell or solicitation of an offer to buy any of the debentures in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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 July 17, 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 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