Calloway Real Estate Investment Trust

Calloway Real Estate Investment Trust

September 22, 2005 12:58 ET

Calloway Real Estate Investment Trust Raises $200,000,000 From Its Inaugural Senior Unsecured Debenture Offering

CALGARY, ALBERTA--(CCNMatthews - Sept. 22, 2005) -

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Calloway REIT (TSX:CWT.UN) announced today that it has closed its previously announced offering of $200 million Series A senior unsecured debentures (the "Debentures") with a maturity date of September 22, 2010 and a coupon rate of 4.51%. A syndicate led by RBC Capital Markets and including Scotia Capital Inc. acted as agents for the sale of the Debentures. The offering was made under Calloway's base shelf prospectus dated September 14, 2005 qualifying the issue of up to $2 billion in debt or equity securities. The net proceeds to Calloway, after deducting the agents' fee, was $199.256 million which will be used to pay down outstanding credit facilities and for general trust purposes. The Debentures have been rated BBB (Stable) by Dominion Bond Rating Services.

About Calloway

Calloway Real Estate Investment Trust is an unincorporated open-end real estate investment trust focused on the ownership and development of high quality retail properties. Calloway's purpose is to deliver to its unitholders stable and reliable cash distributions, which continuously increase over time. Calloway is Canada's largest owner of large format unenclosed retail properties with total assets of approximately $2.4 billion. It has ownership interests in a portfolio of 84 retail properties and 4 industrial properties across Canada containing an aggregate of approximately 14.2 million square feet.

The Toronto Stock Exchange neither approves nor disapproves of the contents of this Press Release.

Contact Information

  • Calloway Real Estate Investment Trust
    Simon Nyilassy
    President and Chief Executive Officer
    (905) 326-6400 (ext. 7649)