SAN FRANCISCO, Jan. 16, 2019 /PRNewswire/ -- Prologis, Inc. (NYSE: PLD), the global leader in logistics real estate, today announced it has recast and upsized its global line of credit to $3.5 billion. This brings the company's total line capacity, including its Japanese yen facility, to $4.0 billion.
The company upsized the credit facility from $3 billion to $3.5 billion with an accordion feature, allowing Prologis to increase the credit facility by $1 billion. Funds may be drawn in U.S. dollars, euros, Japanese yen, British pound sterling, Mexican pesos and Canadian dollars. The credit facility is scheduled to mature on January 16, 2023. Pricing under the facility is based upon the company's public debt ratings and is currently at LIBOR plus 77.5 basis points, a reduction of 7.5 basis points from the prior global credit facility.
In addition to these terms, the facility has a sustainability-linked pricing mechanism that reduces the borrowing spread if certain environmental sustainability benchmarks are achieved each year.
"The recast of our global line of credit is a testament to both the strength of our balance sheet and commitment to environmental stewardship, social responsibility and governance objectives," said Thomas S. Olinger, chief financial officer, Prologis. "We are proud to not only be in a position to increase our credit facility, but to also collaborate with our long-standing financial partners to bring this ESG-linked facility to the market."
Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of September 30, 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 771 million square feet (72 million square meters) in 19 countries. Prologis leases modern distribution facilities to a diverse base of approximately 5,500 customers across two major categories: business-to-business and retail/online fulfillment.
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SOURCE Prologis, Inc.