Published on 6/11/2018 in the Prospect News Investment Grade Daily.
New Issue: Prologis sells $700 million of guaranteed notes due 2028, 2048
By Cristal Cody
Tupelo, Miss., June 11 – Prologis, LP priced a $700 million two-tranche offering of guaranteed notes (A3/A-) on Monday, according to an FWP filing with the Securities and Exchange Commission.
The company sold $400 million of 3.875% 10-year notes at 99.32 to yield 3.957%, or a spread of Treasuries plus 100 basis points.
Prologis priced $300 million of 4.375% 30-year notes at 98.782 to yield 4.449%. The notes priced with a Treasuries plus 135 bps spread.
Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Wells Fargo Securities LLC and Scotia Capital (USA) Inc. were the bookrunners.
The notes will be guaranteed by general partner Prologis, Inc.
Proceeds will be used to repay borrowings under the company’s global line of credit and its Canadian term loan, as well as for general corporate purposes.
Prologis is a logistics real estate company based in San Francisco.
| Issuer: | Prologis, LP
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| Guarantor: | Prologis, Inc.
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| Amount: | $700 million
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| Description: | Notes
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| Bookrunners: | Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Wells Fargo Securities LLC and Scotia Capital (USA) Inc.
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| Senior co-managers: | J.P. Morgan Securities LLC, BoA Merrill Lynch, Mizuho Securities USA LLC, MUFG, SMBC Nikko Securities America, Inc., TD Securities (USA) LLC and U.S. Bancorp Investments, Inc.
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| Co-managers: | BNP Paribas Securities Corp., Goldman Sachs & Co. LLC, ING Financial Markets LLC, Morgan Stanley & Co. LLC, PNC Capital Markets LLC and Regions Securities LLC
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| Junior co-managers: | BB&T Capital Markets, BBVA Securities Inc., BNY Mellon Capital Markets, LLC, Credit Agricole Securities (USA) Inc. and NatWest Markets Securities Inc.
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| Trade date: | June 11
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| Settlement date: | June 20
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| Ratings: | Moody’s: A3
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| S&P: A-
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| Distribution: | SEC registered
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| 10-year notes
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| Amount: | $400 million
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| Maturity: | Sept. 15, 2028
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| Coupon: | 3.875%
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| Price: | 99.32
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| Yield: | 3.957%
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| Spread: | Treasuries plus 100 bps
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| Call features: | Make-whole call at Treasuries plus 15 bps before June 15, 2028; thereafter at par
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| 30-year notes
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| Amount: | $300 million
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| Maturity: | Sept. 15, 2048
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| Coupon: | 4.375%
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| Price: | 98.782
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| Yield: | 4.449%
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| Spread: | Treasuries plus 135 bps
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| Call features: | Make-whole call at Treasuries plus 25 bps before March 15, 2048; thereafter at par
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