DBRS Rates Calloway REIT’s $150 Million Series C Senior Unsecured Debentures at BBB

DBRS has today assigned a rating of BBB, with a Stable trend, to the $150 million 10.25% Series C senior unsecured debentures due April 14, 2014 (the Bonds), issued by Calloway Real Estate Investment Trust (Calloway).

The Bonds are direct senior unsecured obligations of Calloway and rank equally and rateably with all other unsecured and unsubordinated indebtedness of Calloway. The proceeds will be used to repurchase $150 million of its September 22, 2010, 4.51% Series A senior unsecured debentures. Subsequent to this issuance, there will remain approximately $50 million of Calloway’s Series A senior unsecured debentures outstanding.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The applicable methodology is Rating Real Estate, which can be found on our website under Methodologies.

This is a Corporate rating.