Fitch rates Prologis notes BBB

Fitch Ratings said it assigns a credit rating of BBB to the $500 million aggregate principal amount of guaranteed notes issued by Prologis, LP, the operating partnership of Prologis, Inc.

The 2021 notes have an annual coupon rate of 3.35% and were priced at 99.984% of the principal amount to yield 3.353% to maturity or 145 basis points over the benchmark rate, the agency said.

Prologis intends to use the net proceeds from the sale of the notes to repay borrowings under its global line and to fund the cash purchase of certain of its senior notes that are tendered pursuant to its offers to purchase the notes, which commenced on Oct. 24, the agency added.

Fitch said it currently rates Prologis as follows: issuer default rating BBB and $100 million preferred stock BB+.

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