Prologis issues €1 billion in euro-denominated notes maturing in 2032 and 2037

Prologis, Inc. (NYSE:PLD), a prominent industrial REIT with a market capitalization of $107.25 billion, announced Monday the closing of a €1 billion offering of senior unsecured notes through its subsidiary Prologis Euro Finance LLC, according to a statement filed with the Securities and Exchange Commission. According to InvestingPro analysis, the company currently trades slightly above its Fair Value, with a solid overall Financial Health Score of "GOOD."

The offering consists of €500 million aggregate principal amount of 3.250% notes maturing in 2032 and €500 million aggregate principal amount of 3.875% notes maturing in 2037. The notes were priced on September 15, 2025, and the transaction closed Monday. The notes are fully and unconditionally guaranteed by Prologis, L.P. InvestingPro data reveals that the company’s current ratio stands at 0.62, indicating that short-term obligations exceed liquid assets - a factor that makes this debt offering particularly significant.

Net proceeds from the offering are estimated at approximately €989.2 million, or $1.2 billion based on the euro/U.S. dollar exchange rate as of September 5, 2025. The company stated the proceeds will be lent or distributed to Prologis, L.P. or its subsidiaries, and are expected to be used for general corporate purposes, including the repayment, repurchase, or tender for other indebtedness. This debt management strategy is crucial given the company’s total debt of $35.3 billion. For deeper insights into Prologis’s financial health and debt metrics, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 top US stocks.

The 2032 notes bear interest at 3.250% per annum and mature on September 22, 2032. The 2037 notes bear interest at 3.875% per annum and mature on September 22, 2037. Both series are senior unsecured obligations of the issuer and may be redeemed in whole or in part at the issuer’s option, subject to specified redemption prices.

The notes were issued under an indenture dated August 1, 2018, as supplemented, with U.S. Bank Trust Company, National Association, serving as trustee. Restrictions under the indenture limit the operating partnership and its subsidiaries’ ability to incur additional indebtedness or dispose of substantially all assets.

The offering was made under a registration statement previously filed with the SEC. Underwriters for the offering included Banco Bilbao Vizcaya Argentaria, BNP Paribas, Crédit Agricole Corporate and Investment Bank, J.P. Morgan Securities plc, Morgan Stanley & Co International plc, and others.

This article is based on a press release statement and the company’s SEC filing.

In other recent news, Prologis has announced a significant leadership transition set for April 1, 2026, with Lori Palazzolo retiring as Chief Accounting Officer. Trisha Burns will succeed her, having been with the company since 2010 and currently serving as Senior Vice President, Global Accounting and Financial Reporting. Meanwhile, Prologis has received positive attention from several analyst firms. BofA Securities upgraded the company’s stock from Neutral to Buy, citing potential for high-single-digit annual growth in funds from operations. Scotiabank also upgraded Prologis to Sector Perform, highlighting stable occupancy guidance and increased development starts. Mizuho raised its rating to Outperform, noting an improved risk profile and a more supportive macro environment. These upgrades reflect a favorable outlook on Prologis’ growth and stability.

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