TORONTO, ONTARIO–(Marketwired – Feb. 6, 2015) –
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 $160 million aggregate principal amount issue of series N senior unsecured debentures. These debentures carry an annual coupon rate of 3.556% and will mature on February 6, 2025. The issue was offered by a syndicate of dealers co-led and bookrun by BMO Capital Markets and RBC Capital Markets and co-led by CIBC.
Calloway intends to use the net proceeds from the offering to repay indebtedness, including for the redemption of the balance of its series B senior unsecured debentures due October 12, 2016 bearing interest at an annual rate of 5.37% of which $150 million aggregate principal amount is outstanding.
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 dated February 3, 2015 to Calloway’s existing $2 billion short form base shelf prospectus dated November 29, 2013. The terms of the offering are described in the aforementioned prospectus supplement, which has been filed with Canadian securities regulators in all jurisdictions of Canada where the series N senior unsecured debentures were offered.
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 120 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.
Chief Financial Officer
(905) 326-6400 ext. 7865