Summary
Prologis, Inc. (PLD), through its operating partnership Prologis, L.P., has successfully completed an exchange offer for Duke Realty Limited Partnership's outstanding senior notes. This 8-K filing details the settlement of this offer, where the Operating Partnership issued new senior notes in exchange for existing Duke Realty OP notes. This action is a significant step in the integration following Prologis's acquisition of Duke Realty, impacting the capital structure and debt profile of the combined entity. The exchange involved nine series of new notes with varying interest rates and maturity dates, ranging from 3.250% due in 2026 to 7.250% due in 2028, and a long-term 3.050% note due in 2050. The total principal amount of new notes issued is substantial, reflecting the scale of the debt being refinanced. The terms of these new notes, including redemption provisions, are outlined, providing transparency on future financial flexibility and obligations.
Key Highlights
- 1Prologis, L.P. settled its exchange offer for Duke Realty Limited Partnership's senior notes on October 5, 2022.
- 2Nine series of new senior notes were issued by Prologis, L.P. in exchange for existing Duke Realty OP notes.
- 3The new notes have aggregate principal amounts ranging from $50,000,000 (7.250% Senior Notes due June 15, 2028) to $486,565,000 (2.250% Senior Notes due January 15, 2032).
- 4Interest rates on the new notes vary from 1.750% to 7.250% per annum.
- 5Maturity dates for the new notes span from June 30, 2026, to March 1, 2050.
- 6The Indenture governing the new notes includes covenants restricting the incurrence of additional indebtedness and mergers or asset disposals.
- 7The new notes were issued under a Registration Statement filed with the SEC.