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Fitch: Prologis notes BBB
Fitch Ratings said it assigned a BBB rating to the €700 million aggregate principal amount of guaranteed notes issued by Prologis, LP, the operating partnership of Prologis, Inc.
The 2024 notes have an annual coupon rate of 3.375% and were priced at 98.919% of the principal amount to yield 3.505% to maturity or 160 basis points over the mid-swap rate, Fitch said.
The notes are senior unsecured obligations of Prologis, LP and fully and unconditionally guaranteed by Prologis, Inc. The company intends to use the net proceeds of about €689.3 million for general corporate purposes, including repaying or repurchasing other indebtedness.
In the short term, the company intends to use the net proceeds to repay borrowings under its multi-currency senior term loan and/or global line of credit.
Prologis, Inc. has an issuer default rating of BBB and BB+ rating on its $100 million preferred stock.
Prologis, LP has an issuer default rating of BBB, BBB rating on its $2 billion global senior credit facility, BBB rating on its $659 million multi-currency senior unsecured term loan, BBB rating on its $6 billion senior unsecured notes and BBB rating on its $460 million senior unsecured exchangeable notes.
Prologis Tokyo Finance Investment LP has a BBB rating on its ¥45 billion senior unsecured revolving credit facility and BBB rating on its ¥10 billion senior unsecured term loan.
The outlook is stable.
The ratings reflect that the company's leverage remains elevated for the rating, though is expected to decline principally via improving property fundamentals.
The rating is supported by the stable cash flow from the company's global industrial real estate portfolio that contributes toward appropriate fixed-charge coverage, strong asset quality and excellent access to capital, Fitch said.
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