ProLogis says $422.2 million in 5.5% notes due 2012, 2013 tendered

By Devika Patel

Knoxville, Tenn., March 16 - ProLogis said it completed 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 tender offer expired at 5 p.m. ET on March 15. Payment is expected to be made on March 16.

Under the offer, which was announced on March 8, the company accepted approximately $221.6 million of the 2012 notes and approximately $200.6 million of the 2013 notes for purchase. The accepted notes represent approximately 78.93% of the 2012 notes and 76.55% of the 2013 notes that were outstanding prior to the offer.

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 total payment is expected to be approximately $449.1 million, plus interest.

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

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

ProLogis is a Denver-based provider of distribution facilities.

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