Calamos Announces Redemption Dates of Auction Rate Preferred Securities for Calamos Global Total Return and Calamos Strategic Total Return Funds

NAPERVILLE, Ill., April 25 /PRNewswire-FirstCall/ -- Calamos Investments today announced the auction rate preferred securities redemption dates for the Calamos Global Total Return Fund (NYSE:CGO) and the Calamos Strategic Total Return Fund (NYSE:CSQ). As announced earlier this week, Calamos has secured an alternative form of borrowing that will enable, based on current market conditions, CGO to redeem all of its $59 million of outstanding ARPs and CSQ to redeem approximately 81.5% or $880 million of its outstanding ARPs.

The redemption amounts and dates are as follows:

CGO
Auction Shares Percent to Amount to be Redemption
Series Outstanding be Redeemed Redeemed Date

Tuesday 2,360 100.0 % $59,000,000 May 13, 2008

CSQ Auction Shares Percent to Amount to Redemption
Series Outstanding be Redeemed be Redeemed Date

Monday 7,040 81.5 % $143,400,000 May 12, 2008
Tuesday 7,040 81.5 % $143,400,000 May 13, 2008
Wednesday 7,040 81.5 % $143,400,000 May 14, 2008
Thursday 7,040 81.5 % $143,400,000 May 15, 2008
Friday 7,040 81.5 % $143,400,000 May 16, 2008
A (28-Day) 4,000 81.5 % $81,500,000 May 28, 2008
B (28-Day) 4,000 81.5 % $81,500,000 May 29, 2008

Additional information regarding the redemptions will be discussed on a conference call to be held Monday, April 28 at 2:00 pm ET/1:00 pm CT. The conference call is accessible by dialing one of the following numbers:

Participant Dial-in:
*U.S./Canada Dial-in #: 800.379.3942
*Int'l/Local Dial-in #: 706.679.7206
Conference ID #: 44914033
You may also listen online: http://audioevent.mshow.com/344153/

Following the call, a replay will be available beginning at 5:00 pm ET/4:00 pm CT. To access the telephone replay, call the number listed below and provide the conference ID number:

Replay info:
Encore Dial-in #: 800.642.1687 or 706.645.9291
Encore Dates: 04/28/2008 - 05/06/2008 (end of day)
Conference ID #: 44914033

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.com/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.

First Call Analyst:
FCMN Contact:

Source: Calamos Investments

CONTACT: Ken Fincher, Vice President of Calamos Advisors LLC,
+1-630-245-1076, kfincher@calamos.com

Web site: http://www.calamos.com/

2008-04-25 18:02:38 0345710 PRNEWSWIRE