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Calloway REIT completes C$125 million debenture offering

Date Closed

May 2, 2008

Lead Office



125.00 Million CAD

On May 2, 2008, Calloway Real Estate Investment Trust completed a public offering of C$125 million principal amount of 6.65% convertible unsecured subordinated debentures due June 30, 2013. The offering was underwritten by a syndicate led by CIBC World Markets Inc. and included RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., TD Securities Inc., National Bank Financial Inc., Scotia Capital Inc., Desjardins Securities Inc., Dundee Securities Corporation, HSBC Securities (Canada) Inc., and Raymond James Ltd. The net proceeds of the offering will be used by the REIT to pay down amounts owing under its non-revolving senior interim credit facility, with the balance to be used to pay down amounts owing under its revolving acquisition and operating facilities.

McCarthy Tétrault LLP advised the syndicate of underwriters with a team led by Graham Gow.