ProLogis closes tender offer for any and all of its 5.5% notes dues 2012 and 2013

By Jennifer Chiou

New York, May 14 - ProLogis announced that it has accepted tenders for $169.2 million, or 37.6%, of its $450 million of 5.5% notes due April 1, 2012 and $37.9 million, or 12.6%, of its $300 million principal amount of 5.5% notes due March 1, 2013.

The company offered $912.50 for each $1,000 principal amount of 2012 notes and $860.00 for each $1,000 principal amount of 2013 notes. The total to be paid will be $207.1 million.

Holders will also receive accrued interest up to but excluding the payment date, which is set for Friday.

The tender offer expired at midnight ET on May 13. It began on May 7.

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 canceled.

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

ProLogis is a Denver-based provider of distribution facilities.

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