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Transaction/Case Details

Calloway REIT closes C$150 million Series I senior unsecured debenture offering

DATE CLOSED

May 30, 2013

BUSINESS SECTOR

Financial Services

LEAD OFFICE

Toronto

VALUE

150 Million CAD


OVERVIEW

On May 30, 2013, Calloway Real Estate Investment Trust (Calloway or the REIT) closed its previously announced C$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 underwriters co-led by RBC Capital Markets and CIBC.

Calloway intends to use the net proceeds from the offering to redeem its C$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.

Calloway Real Estate Investment Trust, headquartered in Vaughan, Ontario, is one of Canada's largest real estate investment trusts with total assets of approximately C$7 billion. Calloway 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.

McCarthy Tétrault represented the syndicate of agents.The team consisted of Graham Gow, Andrew Parker, Heidi Gordon, Leslie Milroy, and Jake Irwin.

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