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S&P rates ProLogis notes BBB-
Standard & Poor's said it assigned a BBB- rating to the $600 million 7.375% senior unsecured notes due 2019 issued by ProLogis (BBB-/negative).
Proceeds will be used to reduce borrowings under the company's $3.8 billion global line of credit, which should have just over $3.4 billion of availability after ProLogis applies the proceeds from the issuance. The agency said it believes the company may try to use some of its liquidity to further reduce future debt maturities.
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