By Rebecca Melvin
New York, March 10 – Prologis International Funding II SA priced €500 million of 0.75% 12-year green notes at 99.601 to yield 0.785%, or a spread over mid-swaps of 65 basis points, according to a market source.
The notes (A3/A-) are guaranteed by Prologis European Logistics Fund, FCP-FIS.
The pricing was well below initial price talk in the area of mid-swaps plus 90 bps.
The final book was less than €1.05 billion at the reoffer price.
The notes have a make-whole call and a par call.
BNP Paribas, Credit Agricole, Deutsche Bank and JPMorgan were joint bookrunners of the Regulation S deal.
Prologis European Logistics Fund, FCP-FIS is a U.K.-based open-ended portfolio of logistics real estate assets. Prologis International Funding II is its subsidiary.
| Issuer: | Prologis International Funding II SA
|
| Guarantor: | Prologis European Logistics Fund FCP-FIS
|
| Issue: | Green notes
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| Amount: | €500 million
|
| Maturity: | March 23, 2033
|
| Bookrunners: | BNP Paribas, Credit Agricole, Deutsche Bank and JPMorgan
|
| Coupon: | 0.75%
|
| Price: | 99.601
|
| Yield: | 0.785%
|
| Spread: | Mid-swaps plus 65 bps
|
| Pricing date: | March 9
|
| Settlement date: | March 17
|
| Ratings: | Moody’s: A3
|
| S&P: A-
|
| Distribution: | Regulation S
|
| Price guidance: | Initial price talk mid-swaps plus 90 bps area
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