S&P rates ProLogis convertibles BBB+

Standard & Poor's said it assigned its BBB+ rating to ProLogis' $1.0 billion 1.875% convertible senior notes due 2037 that priced after the markets closed on Nov. 1.

According to the agency, ProLogis will use proceeds to repay a portion of the outstanding balance under its global line of credit, certain other debt and for general corporate purposes, the deal is largely debt-for-debt at a lower coupon.

The agency noted that the ratings on ProLogis reflect the company's strong global market position.

With operations in 105 markets across North America, Europe and Asia, ProLogis holds a dominant position in the global industrial property sector, S&P added.

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