Prologis upsizes global line of credit to $2 billion, lowers pricing

By Toni Weeks

San Luis Obispo, Calif., July 11 - Prologis, Inc. said it has recast and upsized its global line of credit to $2 billion from $1.65 billion with a syndicate of 20 banks, according to a press release.

An accordion feature will allow the company to increase the facility by another $1 billion for a total of $3 billion, subject to lender participation.

The facility matures July 11, 2017 but may be extended by a year to July 11, 2108, subject to satisfaction of some conditions and the payment of an extension fee.

Borrowings accrue interest at Libor plus 130 basis points, decreased by 40 bps from the previous facility, based on the company's public debt ratings.

Funds may be drawn in euros, Japanese yen, British pound sterling, Canadian dollars and U.S. dollars.

San Francisco-based Prologis is an owner, operator and developer of industrial real estate in global and regional markets.

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