Global logistics real estate company Prologis, Inc. announced that its subsidiary Prologis Euro Finance LLC has priced an offering of three series of notes in an aggregate principal amount of €1.8 billion, consisting of €600 million aggregate principal amount of its 0.250% notes due September 10, 2027, priced at 99.818% of the principal amount, €700 million aggregate principal amount of its 0.625% notes due September 10, 2031, priced at 99.988% of the principal amount, and €500 million aggregate principal amount of its 1.500% notes due September 10, 2049, priced at 97.539% of the principal amount. The notes will be senior unsecured obligations of Prologis Euro Finance LLC and will be fully and unconditionally guaranteed by Prologis, L.P.
According to the press release, the sale of the notes is expected to close on or about September 10, 2019, subject to customary closing conditions.
Prologis Euro Finance LLC intends to lend or distribute the net proceeds from the oering to Prologis, L.P. or one of its other subsidiaries, which will use the amounts received by them for general corporate purposes, including the full or partial repurchase, redemption, repayment or other retirement of one or more series of Prologis, L.P.’s notes due in 2020, which may include Prologis, L.P.’s 1.375% Notes due October 7, 2020 and Prologis, L.P.’s Floating Rate Notes due January 29, 2020. In the short term, Prologis, L.P. may also use the net proceeds to repay borrowings under its multi-currency senior term loan.
The joint book-running managers for the oering are Goldman Sachs & Co. LLC, HSBC Bank plc, J.P. Morgan Securities plc and Morgan Stanley & Co. International plc.
The offering has been made pursuant to an effective shelf registration statement led with the Securities and Exchange Commission (the “SEC”).
Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, highgrowth markets. As of June 30, 2019, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 786 million square feet (73 million square meters) in 19 countries.