Summary
Prologis, Inc. (PLD) filed an 8-K on January 26, 2018, detailing a material definitive agreement related to debt financing. Specifically, its operating partnership, Prologis, L.P., priced an offering of €400,000,000 aggregate principal amount of Floating Rate Notes due 2020. These notes are senior unsecured obligations, fully guaranteed by Prologis, Inc., and will bear interest quarterly based on three-month EURIBOR plus 25 basis points. The offering is expected to close on January 29, 2018, with net proceeds estimated at approximately €401 million (or $490 million).
Key Highlights
- 1Prologis, L.P. priced a €400 million offering of Floating Rate Notes due 2020.
- 2The notes are senior unsecured obligations of the Operating Partnership and guaranteed by Prologis, Inc.
- 3Interest on the notes will reset quarterly at three-month EURIBOR plus 25 basis points.
- 4Net proceeds are estimated at approximately €401 million ($490 million) and intended for general corporate purposes, including repaying other indebtedness and short-term borrowings.
- 5The offering is expected to close on January 29, 2018.
- 6The notes are redeemable in whole or in part on or after December 29, 2019.
- 7The filing also includes supplemental information regarding U.S. federal income tax considerations related to the Tax Cuts and Jobs Act (TCJA).