Chicago, Aug. 31 – Prologis International Funding II SA priced an upsized offer of €550 million of 3.625% senior green notes due 2030 (A3/A-) at 99.289 on Wednesday, according to a Europe-based market source.
Pricing on the notes yields 3.738%, or 140 basis points over mid-swaps. Initial price talk was 160 bps to 165 bps over mid-swaps. The deal started at €500 million before being upsized during pricing.
The notes are callable with a make-whole premium at Bunds plus 35 basis points until three months before the maturity date when there is a par call.
Demand for the notes went above €1.05 billion at guidance, in the 145 bps area. Final books were at €900 million.
BofA Securities, ING, J.P. Morgan (billing and delivery), NatWest Markets are listed as joint bookrunners on the Regulation S deal.
Proceeds will be allocated to an eligible green project portfolio.
Prologis European Logistics Fund, FCP-FIS, the guarantor, 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
|
| Maturity: | March 7, 2030
|
| Bookrunners: | BofA Securities, ING, J.P. Morgan (billing and delivery), NatWest Markets
|
| Coupon: | 3.625%
|
| Price: | 99.289
|
| Yield: | 3.738%
|
| Spread: | Mid-swaps plus 140 bps
|
| Call features: | Make-whole call at Bunds plus 35 bps and then par call three months before maturity
|
| Trade date: | Aug. 31
|
| Settlement date: | Sept. 7
|
| Ratings: | Moody’s: A3
|
| S&P: A-
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 160 bps to 165 bps
|
| ISIN: | XS2529520715
|
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