DBRS Rates Calloway REIT’s $100 Million Series F Senior Unsecured Debentures at BBB

DBRS today has assigned a rating of BBB, with a Stable trend, to the $100 million 5.0% Series F senior unsecured debentures due February 1, 2019 (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. In connection with the previously announced offering of approximately $100 million of Trust Units, Calloway intends to use a portion of the net proceeds from the Bonds and the Trust Units for the redemption of the Trust’s outstanding 10.25% Series C senior unsecured debentures.

Note:
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.