By Devika Patel and Cristal Cody
Knoxville, Tenn., Feb. 5 – Prologis, LP priced $400 million of 1.625% notes (A3/A-) due March 15, 2031 at 99.409 with a spread of Treasuries plus 55 basis points to yield 1.689%, on Thursday, according to a market source and an FWP filed with the Securities and Exchange Commission.
Initial price talk was in the Treasuries plus 70 bps to 75 bps area.
Bookrunners were BofA Securities Inc., Morgan Stanley & Co. LLC, U.S. Bancorp Investments Inc., Wells Fargo Securities LLC, Mizuho Securities USA Inc. and SMBC Nikko Securities America Inc.
Proceeds will be used to redeem the company’s 3.75% notes due 2025 with the remainder used for general corporate purposes, including debt repayment.
Prologis is a logistics real estate company based in San Francisco.
| Issuer: | Prologis, LP
|
| Description: | Notes
|
| Amount: | $400 million
|
| Maturity: | March 15, 2031
|
| Bookrunners: | BofA Securities Inc., Morgan Stanley & Co. LLC, U.S. Bancorp Investments Inc., Wells Fargo Securities LLC, Mizuho Securities USA Inc. and SMBC Nikko Securities America Inc.
|
| Senior co-managers: | Citigroup Global Markets Inc., MUFG and PNC Capital Markets LLC
|
| Co-managers: | Academy Securities Inc., Regions Securities LLC and Samuel A. Ramirez & Co. Inc.
|
| Coupon: | 1.625%
|
| Price: | 99.409
|
| Yield: | 1.689%
|
| Spread: | Treasuries plus 55 bps
|
| Call: | Make-whole call at Treasuries plus 10 bps until Dec. 15, 2030, then a par call
|
| Trade date: | Feb. 4
|
| Settlement date: | Feb. 19
|
| Ratings: | Moody’s: A3
|
| S&P: A-
|
| Guidance: | Treasuries plus 70 bps to 75 bps area
|
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