What is the total amount Prologis raised through this debt offering?

Prologis, L.P. raised approximately $1.97 billion in aggregate principal amount through the issuance of its 4.875% Notes due 2028, 5.125% Notes due 2034, and 5.250% Notes due 2053.

How will Prologis use the proceeds from this debt offering?

The net proceeds are intended for general corporate purposes, with specific allocations to fund a portion of a recently announced real estate asset acquisition and to repay any borrowings under the company's global lines of credit related to this acquisition.

Are the new 2053 Notes the same as the previously issued 2053 Notes?

Yes, the $500 million of 5.250% Notes due 2053 are a further issuance of the existing 5.250% Notes due 2053. They will form a single series with the existing notes, have the same terms (other than price and issue date), and will trade interchangeably, increasing the total outstanding amount of this series to $950 million.

What are the key terms and maturity dates of the new notes?

The notes have the following terms: 4.875% interest rate with a maturity date of June 15, 2028; 5.125% interest rate with a maturity date of January 15, 2034; and 5.250% interest rate with a maturity date of June 15, 2053. These are senior unsecured obligations of Prologis, L.P.

PLD/PLDGP 8-K: Financial Events

Summary

Prologis, Inc. (PLD), through its operating partnership Prologis, L.P., announced the pricing of a significant debt offering totaling $1.97 billion. This issuance comprises three tranches of senior unsecured notes: $750 million of 4.875% Notes due 2028, $750 million of 5.125% Notes due 2034, and an additional $500 million of 5.250% Notes due 2053. The proceeds from this offering are earmarked for general corporate purposes, including funding a portion of a previously announced real estate asset acquisition and repaying borrowings under the company's credit lines related to this acquisition. This debt issuance indicates Prologis's strategic move to secure capital for growth initiatives, specifically a significant acquisition. Investors should note that the additional $500 million in 5.250% Notes due 2053 are being issued as a further tranche of existing notes, which will trade interchangeably and increase the total outstanding amount of this series to $950 million. The notes are redeemable at the company's option under specific conditions, including a 'par call' provision after certain dates.

Key Highlights

1Prologis, L.P. priced a $1.97 billion debt offering consisting of three tranches of senior unsecured notes.
2The offering includes $750 million of 4.875% Notes due 2028, $750 million of 5.125% Notes due 2034, and $500 million of 5.250% Notes due 2053.
3Net proceeds of approximately $1.97 billion will be used for general corporate purposes, including funding a portion of a recently announced real estate acquisition.
4The 2053 Notes represent a further issuance of existing notes, will trade interchangeably, and increase the total outstanding 5.250% Notes due 2053 to $950 million.
5The notes are redeemable at Prologis's option, with specific redemption prices and conditions, including a 'par call' option after certain dates.
6The debt issuance strengthens Prologis's liquidity to support strategic growth and acquisition activities.
7The transaction was executed through an Underwriting Agreement with a syndicate of reputable financial institutions.

Prologis, Inc. 8-K Report, Financial Obligation (Jun 28, 2023)

Summary

Key Highlights

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