Summary
Prologis, Inc. (PLD), through its operating partnership Prologis, L.P. and subsidiary Prologis Yen Finance LLC, has completed a significant financing transaction, pricing an offering of approximately ¥23.9 billion (equivalent to $168.9 million USD as of November 10, 2022) in senior unsecured notes. The offering comprises three tranches: ¥1.6 billion of 1.003% Notes due 2027, ¥2.8 billion of 1.323% Notes due 2029, and ¥19.8 billion of 1.903% Notes due 2037. These notes are guaranteed by the operating partnership and are senior unsecured obligations. The net proceeds are intended for general corporate purposes, including potential debt repayment, repurchase of indebtedness, or managing other capital needs, with a short-term possibility of using funds to repay borrowings under its Japanese yen revolving credit agreement.
Key Highlights
- 1Prologis priced a ¥23.9 billion (approx. $168.9 million USD) offering of senior unsecured notes across three maturities: 2027, 2029, and 2037.
- 2The notes carry coupon rates of 1.003% (2027), 1.323% (2029), and 1.903% (2037).
- 3Net proceeds are earmarked for general corporate purposes, including debt management and capital needs.
- 4The operating partnership, Prologis, L.P., provides a full and unconditional guarantee for these notes.
- 5The notes are redeemable under certain conditions, including optional redemption after specific dates prior to maturity and redemption in the event of certain tax law changes.
- 6The offering was conducted under a shelf registration statement filed with the SEC.
- 7The transaction involves Prologis Yen Finance LLC as the issuer and Prologis, L.P. as the guarantor.