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

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. 

DATASOURCE: Calamos Investments



CONTACT:  Ken Fincher, Vice President of Calamos Advisors LLC,

[phone], 



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

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