Summary
Prologis, Inc. (PLD), through its operating partnership Prologis, L.P., has filed an 8-K/A amendment on June 20, 2018, to provide additional details and exhibits related to a material definitive agreement. This filing primarily concerns the pricing and execution of an offering for $400 million of 3.875% Notes due 2028 and $300 million of 4.375% Notes due 2048, totaling $700 million in aggregate principal amount. The net proceeds from this debt issuance are estimated to be approximately $688 million, which Prologis intends to allocate towards repaying existing borrowings under its global line of credit and Canadian term loan, as well as for general corporate purposes. This strategic move aims to optimize its capital structure and extend its debt maturity profile. Investors should note the senior unsecured nature of these notes, fully guaranteed by Prologis, Inc., and review the indenture for covenants that may restrict future indebtedness and asset dispositions.
Key Highlights
- 1Prologis, L.P. priced an offering of $400 million in 3.875% Notes due 2028 and $300 million in 4.375% Notes due 2048.
- 2The total aggregate principal amount of the Notes offered is $700 million.
- 3The offering is expected to close on June 20, 2018, with estimated net proceeds of approximately $688 million.
- 4Proceeds will be used to repay borrowings under the company's global line of credit and Canadian term loan, and for general corporate purposes.
- 5The Notes are senior unsecured obligations of Prologis, L.P., and are fully and unconditionally guaranteed by Prologis, Inc.
- 6The indenture governing the Notes includes covenants restricting additional indebtedness and asset dispositions.
- 7This filing is an amendment to a previous 8-K, primarily adding exhibits related to the underwriting agreement and the notes.