Summary
Prologis, Inc. (PLD), through its operating partnership Prologis, L.P., announced the pricing of a significant debt offering on July 18, 2024, with the closing expected on July 23, 2024. The company issued $700 million in 5.000% Notes due 2035 and an additional $400 million in 5.250% Notes due 2054, totaling $1.1 billion in aggregate principal amount. These proceeds are earmarked for general corporate purposes, including the repayment of borrowings under its global lines of credit. This debt issuance represents a strategic move to manage its capital structure and fund ongoing operations. The 2054 Notes are a further issuance, fungible with existing notes, bringing the total outstanding 5.250% Notes due 2054 to $850 million. Investors should note that these are senior unsecured obligations of the operating partnership. The filing also includes details on the underwriting agreement and the terms of the Notes, including redemption provisions and covenants restricting further indebtedness and asset disposals.
Key Highlights
- 1Prologis, L.P. priced a $1.1 billion debt offering consisting of $700 million in 5.000% Notes due 2035 and $400 million in 5.250% Notes due 2054.
- 2The offering is expected to close on July 23, 2024.
- 3Net proceeds of approximately $1.1 billion will be used for general corporate purposes, including repaying borrowings under global credit lines.
- 4The 5.250% Notes due 2054 are a further issuance, fungible with existing notes, bringing total outstanding to $850 million.
- 5The Notes are senior unsecured obligations of Prologis, L.P.
- 6The indenture governing the Notes includes restrictions on incurring additional indebtedness and on mergers, consolidations, or disposition of substantially all assets.
- 7The filing incorporates by reference the Underwriting Agreement and forms of the Notes.