Summary
Prologis, Inc. (PLD) announced on July 30, 2018, the pricing of a €700 million offering of 1.875% Notes due 2029. The notes are senior unsecured obligations of Prologis Euro Finance LLC, fully and unconditionally guaranteed by Prologis, L.P. The offering is expected to close on August 1, 2018, with net proceeds estimated at approximately €691 million (or $809 million based on the July 24, 2018 exchange rate). These proceeds are intended for general corporate purposes, including the repayment or repurchase of other indebtedness, with a short-term placement in investments.
Key Highlights
- 1Prologis Euro Finance LLC priced a €700 million offering of 1.875% Notes due 2029.
- 2The Notes are senior unsecured obligations, guaranteed by Prologis, L.P.
- 3Estimated net proceeds are approximately €691 million ($809 million).
- 4Proceeds will be used for general corporate purposes, including debt reduction.
- 5The Notes mature on January 5, 2029.
- 6The interest rate on the Notes is 1.875% per annum.
- 7The Indenture includes covenants restricting the Operating Partnership's ability to incur additional indebtedness and merge or dispose of assets.