Calloway REIT completes full redemption of 4.51%, 6% debentures

By Jennifer Chiou

New York, July 7 - Calloway Real Estate Investment Trust announced the redemption of all C$46,452,000 of its 4.51% series A debentures and the remainder of its 6% convertible unsecured subordinated debentures.

Of the C$4,303,000 of 6% debentures, $3,916,000 was converted into 230,350 Calloway units.

The company paid C$1,020.978 in cash for each C$1,000 of 4.51% debentures and C$1,001.151 in cash for each C$1,000 of remaining 6% debentures, which included accrued interest on both types of debentures.

Plans for the redemption were announced one month ago.

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

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