DBRS Rates Calloway’s $160 Million Series N Senior Unsecured Debentures at BBB, Stable

DBRS Limited (DBRS) has today assigned a rating of BBB, with a Stable trend, to the $160 million 3.556% Series N Senior Unsecured Debentures due February 6, 2025 (Series N Bonds), issued by Calloway Real Estate Investment Trust (Calloway).

The Series N Bonds are direct unsecured obligations of Calloway and rank equally and rateably with all other present and future unsecured and unsubordinated indebtedness of Calloway. The net proceeds from the offering will be used to repay existing indebtedness, including the redemption of Calloway’s $150 million 5.37% Series B Senior Unsecured Debentures due October 12, 2016.

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.