Calloway REIT Completes $150M Debenture Offering

On April 13, 2009, Calloway Real Estate Investment Trust completed a public offering of $150,000,000 principal amount of 10.25 per cent senior unsecured debentures due June 30, 2013.

The offering was underwritten by a syndicate led by RBC Dominion Securities Inc. and included BMO Nesbitt Burns Inc., TD Securities Inc. and Scotia Capital Inc. The net proceeds of the offering were used by the REIT to repurchase approximately $149,000,000 aggregate principle amount of its 4.51 per cent series A senior unsecured debentures due September 22, 2010.

The REIT was represented by David Calnan and Joe Brennan (securities) and Matt Clark (tax) of Shea Nerland Calnan LLP. The underwriters were represented by Graham Gow, Andrew Parker and Matthew Appleby (business law) and James Morand (tax) of McCarthy Tétrault LLP.

Lawyer(s)

Graham P.C. Gow David M. Calnan James G. Morand Matt Clark Matthew Appleby Joe D. Brennan Andrew C. Parker