ProLogis launches cash tender offer for its two series of 5.5% notes

By Susanna Moon

Chicago, March 8 - ProLogis said it began a cash tender offer for the $281 million outstanding principal amount of its 5.5% notes due April 1, 2012 and the $262 million outstanding principal amount of its 5.5% notes due March 1, 2013.

The total payment is $1,062.50 per $1,000 principal amount of the 2012 notes and $1,065.00 per $1,000 principal amount of the 2013 notes.

The company also will pay accrued interest up to the settlement date, which is expected to be the first business day following the expiration date.

The tender offer will expire at 5 p.m. ET on March 15.

ProLogis said the offer is conditioned on the company's ability to complete an offering of senior notes.

The company also noted that since the beginning of 2010, ProLogis has repurchased $165 million of convertible senior notes for $152 million.

Global Bondholder Services Corp. (866 470-4200 or collect at 212 430-3774) is information agent.

Citi (800 558-3745) and Wells Fargo Securities (866 309-6316) are the dealer managers for the tender offer.

ProLogis is a Denver-based provider of distribution facilities.

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