Chicago, Feb. 15 – Prologis International Funding II SA sold £550 million of green notes in two parts on Tuesday, according to a market source.
The notes are guaranteed by Prologis European Logistics Fund, FCP-FIS.
The company sold £300 million of 2.75% 10-year bonds at 99.514 to yield 2.806%. The notes priced at mid-Gilts at 120 basis points. Talk had been in the mid-Gilts plus 125 bps area.
The tranche was upsized from £250 million.
Also part of the offer was £250 million of 3% 20-year notes, which priced at 99.456 to yield 3.037%. The notes priced with a spread of 135 bps over mid-Gilts, at the low end of talk of 135 bps to 140 bps.
The notes will have a make-whole call at Gilts plus 20 bps and then a three-month par call.
The order books were above £1.9 billion over both tranches, with an even split.
Joint bookrunners are BNP Paribas, BofA Securities (billing and delivery), HSBC and NatWest Markets.
Proceeds will be used to finance or refinance, in whole or in part, eligible green projects.
Listing will be in Luxembourg.
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
|
| Amount: | £550 million
|
| Issue: | Senior green notes
|
| Bookrunners: | BNP Paribas, BofA Securities (billing and delivery), HSBC and NatWest Markets
|
| Green assessor: | Sustainalytics
|
| Call features: | Make-whole call at Gilts plus 20 bps until par call three months before maturity
|
| Trade date: | Feb. 15
|
| Settlement date: | Feb. 22
|
| Ratings: | Moody’s: A3
|
| S&P: A-
|
| Distribution: | Regulation S
|
|
|
| 10-year notes
|
| Amount: | £300 million
|
| Maturity: | Feb. 22, 2032
|
| Coupon: | 2.75%
|
| Price: | 99.514
|
| Yield: | 2.806%
|
| Spread: | Mid-Gilts plus 120 bps
|
| Price talk: | Mid-Gilts plus 125 bps area
|
| ISIN: | XS2447550620
|
|
|
| 20-year notes
|
| Amount: | £250 million
|
| Maturity: | Feb. 22, 2042
|
| Coupon: | 3%
|
| Price: | 99.456
|
| Yield: | 3.037%
|
| Spread: | Mid-Gilts plus 135 bps
|
| Price talk: | Mid-Gilts plus 135 bps to 140 bps
|
| ISIN: | XS2447550893
|
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