Calloway REIT to redeem its $150 million of 10.25% notes on Oct. 25

By Susanna Moon

Chicago, Oct. 1 - Calloway Real Estate Investment Trust said it plans to redeem its $150 million principal amount of outstanding 10.25% series C senior unsecured debentures on Oct. 25.

The purchase price of $1,209.59 for each $1,000 principal amount is equal to the Canada yield price plus accrued interest to the redemption date.

Calloway said it also closed its previously announced $100 million principal amount issue of series F 5% senior unsecured debentures due Feb. 1, 2019.

Some proceeds from the notes issue and $115 million sale of trust units will be used for the redemption, with the balance to be used for satisfying pipeline obligations and general trust purposes.

Toronto-based Calloway is a REIT focused on ownership and development of high-end retail properties.

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