Prologis on deck with three-tranche offering of fixed-rate notes for Liberty Property merger

By Cristal Cody

Tupelo, Miss., Feb. 3 – Prologis, LP plans to price a three-part offering of fixed-rate notes ahead of its merger with Liberty Property LP, according to a 424B3 filing with the Securities and Exchange Commission on Monday.

J.P. Morgan Securities, LLC, SMBC Nikko Securities America, Inc. and Wells Fargo Securities LLC are the bookrunners.

The issue has make-whole and par calls.

The notes also have mandatory calls if the company does not complete its merger with Liberty Property on or before Aug. 1, 2020 at 101%.

Proceeds will be used to fund the redemption of certain notes issued by Liberty Property as part of the acquisition, which is expected to close in February. If the merger is not completed, proceeds will be used for general corporate purposes.

Prologis announced in October 2019 plans to acquire Liberty in an all-stock transaction valued at $12.6 billion, including the assumption of debt.

The logistics real estate company is based in San Francisco.

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