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

DBRS has today assigned a rating of BBB, with a Stable trend, to the $150 million 3.985% Series I Senior Unsecured Debentures due May 30, 2023 (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 net proceeds from the offering will be used by Calloway to redeem its $75 million 7.95% Series D Senior Unsecured Debentures due June 30, 2014, and the balance for general trust purposes.

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

The applicable methodology is Rating Real Estate Entities (April 2011), which can be found on our website under Methodologies.