Published on 10/24/2013 in the Prospect News Investment Grade Daily.
New Issue: Prologis sells $500 million 3.35% notes due 2021 at 145 bps spread
By Aleesia Forni
Virginia Beach, Oct. 24 - Prologis LP sold $500 million of 3.35% senior notes (Baa2/BBB/BBB) due 2021 on Thursday with a spread of Treasuries plus 145 basis points, according to an FWP filed with the Securities and Exchange Commission.
Pricing was at 99.984 to yield 3.353%.
Goldman Sachs & Co., Deutsche Bank Securities Inc., BofA Merrill Lynch, Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC were the joint bookrunners.
The company intends to use the proceeds from the sale to repay borrowings under its global line and to fund the cash purchase of senior notes that are tendered under offers to purchase the notes, which commenced on Oct. 24.
The notes will be unconditionally guaranteed by Prologis Inc.
Denver-based Prologis is an owner, operator and developer of industrial real estate.
| Issuer: | Prologis LP
|
| Guarantor: | Prologis Inc.
|
| Amount: | $500 million
|
| Description: | Senior notes
|
| Maturity: | Feb. 1, 2021
|
| Bookrunners: | Goldman Sachs & Co., Deutsche Bank Securities Inc., BofA Merrill Lynch, Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC
|
| Senior co-managers: | Citigroup Global Markets Inc., RBS Securities Inc., SMBC Nikko Securities America Inc., Wells Fargo Securities LLC
|
| Co-managers: | Credit Suisse Securities (USA) LLC, Mitsubishi UFJ Securities (USA), Inc., PNC Capital Markets LLC, Scotia Capital (USA) Inc., U.S. Bancorp Investments, Inc.
|
| Junior co-managers: | BBVA Securities Inc., Credit Agricole Securities (USA) Inc., HSBC Securities (USA) Inc., ING Financial Markets LLC, Regions Securities LLC, Williams Capital Group LP
|
| Coupon: | 3.35%
|
| Price: | 99.984
|
| Yield: | 3.353%
|
| Spread: | Treasuries plus 145 bps
|
| Trade date: | Oct. 24
|
| Settlement date: | Nov. 1
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Fitch: BBB
|
| Make-whole call: | Prior to Nov. 1, 2020 at Treasuries plus 25 bps, then callable at par
|
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