New Issue: Prologis prices $1.25 billion of notes in 10-, 30-year tranches

By Wendy Van Sickle

Columbus, Ohio, Jan. 18 – Prologis, LP priced a $1.25 billion two-part offering of fixed-rate notes (A3/A) on Thursday, according to an FWP filing with the Securities and Exchange Commission.

An $800 million tranche of 5% 10-year notes priced at 99.534 to yield 5.058% and with a spread of 92 basis points over Treasuries.

The company also sold $450 million of 5.25% 30-year notes at 98 bps over Treasuries. The issue priced at 98.22 to yield 5.369%.

BofA Securities, Inc., ING Financial Markets LLC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC, SMBC Nikko Securities America, Inc., MUFG Securities Americas Inc. and Scotia Capital (USA) Inc. were the bookrunners.

Proceeds will be used for general corporate purposes, including repayment of borrowings from the company’s global lines of credit. As of Jan. 15, approximately $930 million was outstanding under the credit lines, with a weighted average interest rate of 5.9%, which mature on June 30, 2026 and June 30, 2027.

Prologis is a real estate investment trust based in San Francisco.

Issuer:	Prologis, LP
Amount:	$1.25 billion
Issue:	Notes
Bookrunners:	BofA Securities, Inc., ING Financial Markets LLC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC, SMBC Nikko Securities America, Inc., MUFG Securities Americas Inc. and Scotia Capital (USA) Inc.
Senior co-managers:	Citigroup Global Markets Inc., PNC Capital Markets LLC, TD Securities (USA) LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC
Co-managers:	Academy Securities, Inc., BBVA Securities Inc., BNP Paribas Securities Corp., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., Loop Capital Markets LLC, Morgan Stanley & Co. LLC, Regions Securities LLC, Samuel A. Ramirez & Co., Inc., Standard Chartered Bank and Truist Securities, Inc.
Trustee:	U.S. Bank Trust Co., NA
Counsel to issuer:	Mayer Brown LLP
Counsel to underwriters:	Sidley Austin LLP
Trade date:	Jan. 18
Settlement date:	Jan. 25
Ratings:	Moody’s: A3
	S&P: A
Distribution:	SEC registered
10-year notes
Amount:	$800 million
Maturity:	March 15, 2034
Coupon:	5%
Price:	99.534
Yield:	5.058%
Spread:	Treasuries plus 92 bps
Call features:	Make-whole call at Treasuries plus 15 bps before Dec. 15, 2033; thereafter at par
Cusip:	74340XCJ8
30-year notes
Amount:	$450 million
Maturity:	March 15, 2054
Coupon:	5.25%
Price:	98.22
Yield:	5.369%
Spread:	Treasuries plus 98 bps
Call features:	Make-whole call at Treasuries plus 15 bps before Sept. 15, 2053; thereafter at par
Cusip:	74340XCK5

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