- Calamos to refinance $300 million of outstanding auction rate preferred securities (ARPs) of Calamos Global Dynamic Income Fund (NYSE: CHW). NAPERVILLE, Ill., May 2 /PRNewswire-FirstCall/ -- Calamos Investments announced today that it intends to refinance $300 million of the outstanding auction rate preferred securities (ARPs) issued by the Calamos Global Dynamic Income Fund (NYSE:CHW). This announcement comes a week after Calamos announced the refinancing of an aggregate of $939 million of outstanding ARPs of the Calamos Global Total Return Fund (NYSE:CGO) and the Calamos Strategic Total Return Fund (NYSE:CSQ). "We have stressed all along that we would work rapidly to secure solutions to the recent liquidity crisis in the ARPs market," stated John P. Calamos, Sr., the chairman, chief executive officer and co-chief investment officer of Calamos Investments. "We are committed to seeing this issue through to a successful resolution across our entire fund complex, and we want our fund shareholders to know that we have been and will continue to focus on finding solutions for all of our closed-end fund shareholders." Calamos has secured an alternative form of borrowing that will enable, based on current market conditions, CHW to redeem approximately 85.7% or $300 million of its outstanding ARPs at their par value. The refinancing comes in the form of the first money market eligible extendible note to be issued by a closed-end fund. This refinancing, together with the previously announced refinancings of CGO and CSQ, represents $ 1.239 billion or approximately 53.8% of the total auction rate preferred outstanding in the five Calamos closed-end funds. Upon completion of the refinancing, which has been approved by the Board of Trustees of CHW, the leverage ratio for the fund is not currently expected to change materially and the funds will continue to meet the asset coverage requirements of the Investment Company Act of 1940. Since the amount of refinancing for CHW is less than the total amount outstanding, this refinancing will take place pro rata by auction series. Below is a chart showing the shares outstanding per series and the number that the fund will redeem via this refinancing. It is important to note that the Depository Trust Company (DTC), the securities' holder of record, will determine how to allocate this partial redemption of shares among each participant broker-dealer account. Each participant broker-dealer, as nominee for underlying beneficial owners (street name shareholders), in turn will determine how redeemed shares are allocated among its beneficial owners. CHW Auction CUSIP Shares to be Redemption Redemption Series redeemed/outstanding Percent Amount Monday 12811L206 2,400/2,800 85.7 % $60,000,000 Tuesday 12811L305 2,400/2,800 85.7 % $60,000,000 Wednesday 12811L404 2,400/2,800 85.7 % $60,000,000 Thursday 12811L503 2,400/2,800 85.7 % $60,000,000 Friday 12811L602 2,400/2,800 85.7 % $60,000,000 The fund expects to begin issuing redemption notices in the next several days and redemptions will coincide with the completion of the refinancing transaction. Calamos Investments will host a conference call at 11:00 a.m., central time, on May 6, 2008, to discuss the refinancing of the fund's ARPs. The conference call is accessible by dialing one of the following numbers, in the US or Canada dial 800.379.3942, internationally or locally dial 706.679.7206. The conference ID is 46468685. If you choose to listen online please visit our website for more details. In addition, up-to-the-minute information regarding all Calamos ARPS-related solutions can be found at http://www.calamos.com/ARPSInformationCenter.aspx About Calamos Calamos Investments is a diversified investment firm offering equity, fixed-income, convertible and alternative investment strategies, among others. The firm serves institutions and individuals via separately managed accounts and a family of open-end and closed-end funds, providing a risk-managed approach to capital appreciation and income-producing strategies. For more information, visit http://www.calamos/closedendfunds/default.aspx. From time to time, information or statements provided by us, including those within this news release, may contain certain forward-looking statements relating to future events, future transactions, future financial performance, future potential costs, expectations, the competitive and regulatory environment and future market conditions. Forward-looking statements are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Such risks and uncertainties include, but are not limited to: catastrophic or unpredictable events, changing costs of leverage, strategy implementation obstacles, fluctuations in the financial markets and the competitive conditions in the fund, asset management and broader financial services sectors and other risks inherent in the financial and trading markets, including liquidity issues. DATASOURCE: Calamos CONTACT: Ken Fincher, Vice President of Calamos Advisors LLC, +1-630-245-1076, Web site: http://www.calamos.com/

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