Press release from Marketwire
Calloway Real Estate Investment Trust Announces $100 Million Series K Senior Unsecured Debenture Issue
Thursday, October 10, 2013
Calloway Real Estate Investment Trust Announces $100 Million Series K Senior Unsecured Debenture Issue11:27 EDT Thursday, October 10, 2013
TORONTO, ONTARIO--(Marketwired - Oct. 10, 2013) -
NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES
Calloway Real Estate Investment Trust ("Calloway") (TSX:CWT.UN), Canada's largest owner of large format unenclosed retail properties, announced today an offering of $100 million principal amount of Series K floating rate senior unsecured debentures. These debentures will bear interest at a rate of 3-Month CDOR plus 138 basis points, payable quarterly in arrears, and will mature on October 16, 2015. The debentures will be offered through an agency syndicate consisting of BMO Nesbitt Burns Inc., CIBC, TD Securities and RBC Capital Markets. The offering is expected to close on or about October 16, 2013. Dominion Bond Rating Service has provided Calloway with a provisional credit rating of BBB with a stable trend relating to the debentures.
Calloway intends to use the net proceeds from the offering to repay existing indebtedness and for general trust purposes.
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.
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 121 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:
Calloway Real Estate Investment Trust
Interim Chief Financial Officer
(905) 326-6400 ext. 7610