Calamos Announces Redemption Dates of Auction Rate Preferred Securities for Calamos Convertible Opportunities and Income Fund and Calamos Convertible and High Income Fund

NAPERVILLE, Ill., May 19 /PRNewswire-FirstCall/ -- Calamos Investments today announced the auction rate preferred securities redemption dates for Calamos Convertible Opportunities and Income Fund (NYSE:CHI) and Calamos Convertible and High Income Fund (NYSE:CHY). As announced last week, Calamos has secured an alternative form of borrowing that will enable, based on current market conditions, CHI and CHY to redeem approximately 72.9% and 81.4% respectively of their outstanding ARPs.

The redemption amounts and dates are as follows:

CHI CUSIP Shares to be Redemption Redemption
Auction Series redeemed/outstanding Percent Date

Monday 128117207 1,488/2,040 72.9% June 2, 2008
Tuesday (28 day) 128117306 1,488/2,040 72.9% June 24, 2008
Wednesday 128117405 1,487/2,040 72.9% June 4, 2008
Thursday7 128117702 1,750/2,400 72.9% June 5, 2008
Friday7 128117801 1,750/2,400 72.9% June 6, 2008
Wednesday28 128117603 1,750/2,400 72.9% June 18, 2008
Thursday (28 day) 128117504 1,487/2,040 72.9% June 26, 2008

CHY CUSIP Shares to be Redemption Redemption
Auction Series redeemed/outstanding Percent Date

Monday 12811P207 2,442/3,000 81.4% June 2, 2008
Tuesday 12811P306 2,442/3,000 81.4% June 3, 2008
Wednesday 12811P405 2,442/3,000 81.4% June 4, 2008
Thursday 12811P504 2,442/3,000 81.4% June 5, 2008
Friday 12811P603 2,442/3,000 81.4% June 6, 2008
Series A (28 day) 12811P702 1,790/2,200 81.4% June 25, 2008

Additional information regarding the redemptions was discussed on a conference call held earlier today at 12:00 pm ET/11:00 am CT. A replay will be available beginning at 5:00 pm ET/4:00 pm CT today. 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: 05/19/2008 - 06/02/2008 (end of day)

Conference ID #: 48122309
You may also listen online: http://audioevent.mshow.com/344735/

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/

2008-05-19 18:03:10 0365743 PRNEWSWIRE