DBRS Finalizes Provisional Rating of BBB on Calloway’s $150 Million Series M Senior Unsecured Debentures

DBRS has today finalized the provisional rating of BBB with a Stable trend on the $150 million 3.73% Series M Senior Unsecured Debentures due July 22, 2022 (the Bonds), issued by Calloway Real Estate Investment Trust (Calloway). After reviewing the final documentation associated with the recent offering, DBRS has confirmed that all terms of the issuance of the Bonds were consistent with those contemplated at the time the provisional rating was assigned on July 16, 2014.

The Bonds are direct unsecured obligations of Calloway and rank equally and ratably with all other present and future unsecured and unsubordinated indebtedness of Calloway. The net proceeds from the offering will be used for future property acquisitions, repayment of debt maturing in 2014 and for general trust purposes.

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

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The applicable methodology is Rating Entities in the Real Estate Industry (October 2013), which can be found on our website under Methodologies.