TORONTO, ONTARIO--(Marketwired - Jan. 30, 2015) -
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 agreed to issue $160 million principal amount of Series N senior unsecured debentures on a bought deal basis. These debentures will carry a coupon rate of 3.556% and will mature on February 6, 2025. The offering is being underwritten by a syndicate co-led and bookrun by BMO Capital Markets and RBC Capital Markets and co-led by CIBC. The offering is expected to close on or about February 6, 2015. DBRS Limited has provided Calloway with a provisional credit rating of BBB with a stable trend relating to the debentures.
The net proceeds to Calloway from the sale of the Series N Debentures will be used to repay existing indebtedness, including the redemption of its $150 million 5.37% Series B senior unsecured debentures due October 12, 2016.
This offering is being made by way of a Prospectus Supplement to Calloway's existing $2 billion base shelf short form prospectus filed with Canadian securities regulatory authorities. The terms of the offering will be described in a prospectus supplement to be filed with Canadian securities regulators.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction. The debentures being offered have not been and will not be registered under the U.S. Securities Act of 1933 and state securities laws. Accordingly, the debentures may not be offered or sold to U.S. persons except pursuant to applicable exemptions from registration requirements.
About Calloway
Calloway is one of Canada's largest real estate investment trusts with total assets in excess of $7 billion. It owns and manages approximately 27 million square feet in 119 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.