Summary
Prologis, L.P., the operating partnership of Prologis, Inc. (PLD), announced the pricing of a C$550,000,000 offering of its 4.700% senior unsecured notes due 2029. The offering is expected to close on March 1, 2024. The net proceeds, estimated at approximately C$545.3 million after expenses, are intended for general corporate purposes, including the repayment of borrowings under the company's global credit lines. This debt issuance adds to Prologis's capital structure and provides liquidity. The notes carry a fixed interest rate of 4.700% and mature in March 2029. The indenture governing these notes includes restrictions on the Operating Partnership's ability to incur additional indebtedness and undergo significant corporate transactions, which are standard protective covenants for bondholders.
Key Highlights
- 1Prologis, L.P. priced a C$550 million offering of 4.700% senior unsecured notes due 2029.
- 2The offering is expected to close on March 1, 2024.
- 3Net proceeds are estimated to be approximately C$545.3 million after accounting for underwriter discounts and offering expenses.
- 4Proceeds will be used for general corporate purposes, including repaying existing credit line borrowings.
- 5The notes are redeemable prior to maturity under specific conditions, including a 'Par Call' option after February 1, 2029.
- 6The governing indenture imposes restrictions on the company's ability to incur additional debt and engage in mergers or asset disposals.