By Mary-Katherine Stinson and Cristal Cody
Lexington, Ky., March 1 – Prologis Targeted U.S. Logistics Fund, LP priced a $1 billion two-part note offering due 2029 and 2034 on Thursday, a market source said.
A $500 million tranche of 5.25% notes due April 1, 2029 sold at Treasuries plus 110 basis points after talk in the Treasuries plus 135 bps area.
The company also priced $500 million of 5.5% notes due April 1, 2034 with a spread of 135 bps over Treasuries. Talk was in the Treasuries plus 160 bps area.
PNC Capital Markets LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC are the joint bookrunners.
Prologis Targeted U.S. Logistics Holdings is a real estate core plus fund managed by Denver-based Prologis LP. Prologis is an owner, operator and developer of industrial real estate.
| Issuer: | Prologis Targeted U.S. Logistics Fund, LP
|
| Amount: | $1 billion
|
| Issue: | Notes
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| Bookrunners: | PNC Capital Markets LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC
|
| Pricing date: | Feb. 29
|
|
|
| 2029 notes
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| Amount: | $500 million
|
| Maturity: | April 1, 2029
|
| Coupon: | 5.25%
|
| Spread: | Treasuries plus 110 bps
|
| Price talk: | Treasuries plus 135 bps area
|
|
|
| 2034 notes
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| Amount: | $500 million
|
| Maturity: | April 1, 2034
|
| Coupon: | 5.5%
|
| Spread: | Treasuries plus 135 bps
|
| Price talk: | Treasuries plus 160 bps area
|
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