Chicago, Oct. 27 – Prologis, LP sold C$500 million of 5.25% notes due 2031 at 99.955 to yield 5.258% (A3/A), according to an FWP filing with the Securities and Exchange Commission.
The notes priced with a 205 basis points spread over the interpolated Government of Canada curve.
The notes will feature a make-whole call at the Canada yield price plus 51 bps, followed by a par call starting Oct. 15, 2030.
Scotia Capital Inc. and TD Securities Inc. are the joint bookrunners.
Proceeds will be used for general corporate purposes, including repaying or repurchasing debt or managing other capital needs. In the short term, the company may use proceeds to repay borrowings under its global line of credit, which had $1.4 billion outstanding as of Oct. 25.
Prologis is a logistics real estate company based in San Francisco.
| Issuer: | Prologis, LP
|
| Amount: | C$500 million
|
| Issue: | Notes
|
| Maturity: | Jan. 15, 2031
|
| Bookrunners: | Scotia Capital Inc. and TD Securities Inc.
|
| Trustee: | U.S. Bank Trust Co., NA
|
| Counsel to issuer: | Mayer Brown LLP and Cassels & Graydon LLP
|
| Counsel to underwriters: | Sidley Austin LLP and Stikeman Elliott LLP
|
| Coupon: | 5.25%
|
| Price: | 99.955
|
| Yield: | 5.258%
|
| Spread: | Interpolated Government of Canada curve plus 205 bps
|
| Call features: | Make-whole call at Canada yield plus 51 bps; starting Oct. 15, 2030 at par
|
| Trade date: | Oct. 27
|
| Settlement date: | Nov. 3
|
| Ratings: | Moody’s: A3
|
| S&P: A
|
| Distribution: | SEC registered
|
| Cusip: | 74340XCD1
|
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