ProLogis begins tender offer for 5.5% notes, buys back €42.65 million of 4.375% notes

By Angela McDaniels

Tacoma, Wash., May 7 - ProLogis has begun a tender offer for its $450 million principal amount of 5.5% notes due April 1, 2012 and $300 million principal amount of 5.5% notes due March 1, 2013, according to a company news release.

The company is offering $912.50 for each $1,000 principal amount of 2012 notes and $860.00 for each $1,000 principal amount of 2013 notes.

Holders will also receive accrued interest up to but excluding the payment date, which is expected to be the first business day following the expiration time.

The tender offer will expire at midnight ET on May 13.

The company expects to use available cash and borrowings under its $4.3 billion lines of credit to fund the offer.

The notes purchased under the tender offer will be cancelled.

The dealer managers are J.P. Morgan Securities Inc. (866 834-4666 or 212 834-3424) and Morgan Stanley & Co. Inc. The information agent is Global Bondholder Services Corp. (866 470-4200 or 212 430-3774).

Note repurchase

In addition, ProLogis repurchased €42.65 million principal amount of its 4.375% senior notes due 2011 for €32.0 million in April.

The company noted the repurchase in its 10-Q report for the first quarter, which was filed with the Securities and Exchange Commission on Thursday.

ProLogis is a Denver-based provider of distribution facilities.

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