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Press release from Marketwire

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

Thursday, May 30, 2013

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

13:04 EDT Thursday, May 30, 2013

TORONTO, ONTARIO--(Marketwired - May 30, 2013) -

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

Calloway Real Estate Investment Trust ("Calloway" or the "REIT") (TSX:CWT.UN) announced today that it has closed its previously announced $150 million principal amount issue of Series I senior unsecured debentures. These debentures carry a coupon rate of 3.985% and mature on May 30, 2023. The issue was offered by a syndicate of dealers co-led by RBC Capital Markets and CIBC.

Calloway intends to use the net proceeds from the offering to redeem its $75 million 7.95% Series D senior unsecured debentures due June 30, 2014. The redemption will take place on June 26, 2013. The balance of the net proceeds from the offering will be used for general trust purposes.

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

This offering is being made by way of a Prospectus Supplement to Calloway's existing $2 billion base shelf prospectus dated October 31, 2011. The terms of the offering are described in a prospectus supplement dated May 23, 2013, which was filed with Canadian securities regulators.

About Calloway

Calloway is one of Canada's largest real estate investment trusts with an enterprise value of approximately $6.7 billion. It owns and manages approximately 26 million square feet in 115 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.

FOR FURTHER INFORMATION PLEASE CONTACT:

Contact Information:
Calloway Real Estate Investment Trust
Mario Calabrese
Interim Chief Financial Officer
(905) 326-6400 ext. 7610
(905) 326-0783 (FAX)
www.callowayreit.com

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