Prologis, L.P. Prices $700 million offering of Guaranteed Notes due 2028 and 2048
SAN FRANCISCO, June 11, 2018 /PRNewswire/ -- Prologis, Inc. (NYSE: PLD) announced today that its operating subsidiary, Prologis, L.P. (the "Operating Partnership"), has priced an offering of two series of notes (the "notes") in an aggregate principal amount of $700 million, consisting of $400 million aggregate principal amount of its 3.875% notes due September 15, 2028, priced at 99.320% of the principal amount, and $300 million aggregate principal amount of its 4.375% notes due September 15, 2048, priced at 98.782% of the principal amount. The notes will be senior unsecured obligations of the Operating Partnership and will be fully and unconditionally guaranteed by Prologis, Inc. The sale of the notes is expected to close on or about June 20, 2018, subject to customary closing conditions.
The Operating Partnership intends to use the net proceeds to repay borrowings under its global line of credit and its Canadian term loan, as well as for general corporate purposes.
The joint book-running managers for the offering are Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Wells Fargo Securities, LLC and Scotia Capital (USA) Inc.
The offering has been made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission (the "SEC"). A copy of the prospectus supplement and prospectus relating to these securities may be obtained, when available, at no charge by visiting EDGAR on the SEC website at www.sec.gov or, alternatively, by contacting Citigroup Global Markets Inc. at 1 (800) 831-9146, HSBC Securities (USA) Inc. at 1 (866) 811-8049, Wells Fargo Securities, LLC at 1 (800) 645-3751 or Scotia Capital (USA) Inc. at 1 (800) 372-3930.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of March 31, 2018, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 683 million square feet (63 million square meters) in 19 countries. Prologis leases modern distribution facilities to a diverse base of approximately 5,000 customers across two major categories: business-to-business and retail/online fulfillment.
The statements in this release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include statements regarding Prologis, Inc.'s and the Operating Partnership's expectations regarding the launch of the offering, the sale of the notes, and the intended use of proceeds from the offering. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which Prologis, Inc. and the Operating Partnership operate as well as management's beliefs and assumptions. Such statements involve uncertainties that could significantly impact our financial results. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks" and "estimates," including variations of such words and similar expressions, are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future — including statements relating to rent and occupancy growth, development activity, contribution and disposition activity, general conditions in the geographic areas where we operate, our debt, capital structure and financial position, our ability to form new co-investment ventures and the availability of capital in existing or new co-investment ventures — are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) national, international, regional and local economic and political climates, (ii) changes in global financial markets, interest rates and foreign currency exchange rates, (iii) increased or unanticipated competition for our properties, (iv) risks associated with acquisitions, dispositions and development of properties, (v) maintenance of real estate investment trust status, tax structuring and changes in income tax laws and rates, (vi) availability of financing and capital, the levels of debt that we maintain and our credit ratings, (vii) risks related to our investments in our co-investment ventures, including our ability to establish new co-investment ventures, (viii) risks of doing business internationally, including currency risks, (ix) environmental uncertainties, including risks of natural disasters, and (x) those additional factors discussed in reports filed with the SEC by Prologis, Inc. and the Operating Partnership under the heading "Risk Factors." Prologis, Inc. and the Operating Partnership undertake no duty to update any forward-looking statements appearing in this release.
SOURCE Prologis, Inc.