Prologis Recasts Its JPY Revolver to $458 Million
Prologis, Inc. (NYSE: PLD), the leading global owner, operator and developer of industrial real estate, today announced it has entered into a JPY 45 billion ($458 million) restated revolving credit agreement in Japan.
Prologis upsized its credit facility from JPY 36.5 billion ($372 million) to JPY 45 billion ($458 million) with a syndicate of nine banks led by Sumitomo Mitsui Banking Corporation (SMBC) as the administrative agent. Additionally, an accordion feature will allow Prologis to increase the credit facility to JPY 56.5 billion ($576 million) subject to lender approval. The new agreement matures on May 14, 2018. Pricing under the facility is based upon the company's public debt ratings and is currently at LIBOR plus 130 basis points. This represents a reduction of 40 basis points from pricing in the prior Yen facility.
"The increased facility further supports our sustained growth in Japan," said Thomas S. Olinger, chief financial officer, Prologis. "We are very pleased with the strong support we received from our relationship banks."
About Prologis Prologis, Inc., is the leading owner, operator and developer of industrial real estate, focused on global and regional markets across the Americas, Europe and Asia. As of June 30, 2013, Prologis owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 563 million square feet (52.3 million square meters) in 21 countries. The company leases modern distribution facilities to more than 4,500 customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises.
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