Summary
Prologis, Inc. (PLD) filed an 8-K on May 7, 2024, to report the closing of two significant debt offerings. Prologis Euro Finance LLC successfully issued €550,000,000 in aggregate principal amount of 4.000% Notes due 2034, and Prologis, L.P. issued £350,000,000 in aggregate principal amount of 5.625% Notes due 2040. These offerings aim to strengthen Prologis's financial flexibility and provide capital for general corporate purposes, including the repayment of existing borrowings under credit facilities and potentially other indebtedness. The net proceeds from the Euro Notes are approximately €546 million (or $581 million), and from the Sterling Notes are approximately £346 million (or $430 million). The Euro Notes are guaranteed by the Operating Partnership and are senior unsecured obligations, while the Sterling Notes are also senior unsecured obligations of the Operating Partnership. Both series of notes include provisions for redemption, with options available to the issuers under certain conditions, including call options prior to maturity.
Key Highlights
- 1Prologis Euro Finance LLC closed the issuance of €550 million of 4.000% Notes due 2034.
- 2Prologis, L.P. closed the issuance of £350 million of 5.625% Notes due 2040.
- 3The Euro Notes are guaranteed by Prologis, L.P. and are senior unsecured obligations.
- 4The Sterling Notes are senior unsecured obligations of Prologis, L.P.
- 5Net proceeds from the Euro Notes are approximately €546 million ($581 million) and from Sterling Notes are approximately £346 million ($430 million).
- 6Proceeds are intended for general corporate purposes, including repaying borrowings under global lines of credit and other indebtedness.
- 7Both note series include provisions for redemption at the issuer's option.