Summary
AMB Property Corporation (the registrant, formerly Prologis, Inc. based on the filing date context, though the filing uses 'AMB Property Corporation') announced the pricing of $30 million in senior unsecured notes by its sole general partner, AMB Property, L.P. These notes, issued under a new medium-term note program, mature in 2007 and carry an interest rate of 7.925%. AMB Property Corporation has guaranteed these notes. The net proceeds of approximately $29.82 million, after commissions, are designated for general corporate purposes. This may include reducing existing debt, such as amounts drawn on its unsecured credit facility, and funding the acquisition or development of new properties. Investors should note that the use of proceeds contains forward-looking statements and is subject to various risks and uncertainties.
Key Highlights
- 1AMB Property, L.P. priced $30 million of senior unsecured notes.
- 2The notes are part of a new medium-term note program initiated on August 15, 2000.
- 3The notes mature on August 20, 2007, with a fixed interest rate of 7.925% per annum.
- 4AMB Property Corporation has provided a guarantee for these notes.
- 5Net proceeds of approximately $29.82 million will be used for general corporate purposes.
- 6Potential uses of proceeds include debt repayment and property acquisition/development.
- 7The filing includes a cautionary note regarding forward-looking statements and associated risks.