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Prologis , Inc. (NYSE:PLD), a prominent industrial REIT with a market capitalization of $109.1 billion, and its operating partnership, Prologis, L.P., have announced the pricing of C$750 million in aggregate principal amount of 4.200% notes due 2033. The transaction is set to close today, with the proceeds intended for general corporate purposes, including debt repayment. According to InvestingPro data, the company maintains a GOOD financial health score, with 8 additional key insights available to subscribers.
This issuance follows an underwriting agreement between Prologis, L.P. and the underwriters, Scotia Capital Inc. and TD Securities Inc., dated January 28, 2025. The notes will be senior unsecured obligations and will bear interest at a rate of 4.200% per annum, with maturity on February 15, 2033.
The company estimates net proceeds of approximately C$742.6 million after underwriters’ discounts and offering expenses. The intended use for these proceeds includes repaying borrowings under global lines of credit and potentially other debts.
Prologis, L.P. retains the option to redeem the notes in whole or in part at any time before November 15, 2032, at a price equal to the greater of 100% of the principal amount or a sum based on a specified discount rate. Post the Par Call Date, redemption will be at 100% of the principal amount.
The notes are being issued under an indenture dated June 8, 2011, as supplemented, representing a covenant that restricts the operating partnership’s ability to incur additional indebtedness and to merge, consolidate, or dispose of assets.
This issuance is part of a public offering under a registration statement filed with the SEC, which includes a prospectus supplement dated January 28, 2025, and a base prospectus dated September 15, 2022. The information is based on a press release statement and the SEC filing.
In other recent news, ProLogis, a prominent player in the Industrial REITs industry, has been the subject of several analyst adjustments following its fourth-quarter earnings announcement. ProLogis’ Core Funds from Operations (FFO) exceeded expectations by $0.12 per share for the quarter. The company has reported a 17% year-over-year increase in its leasing pipeline and generated an additional income of $112 million from the development and sale of its Elk Grove data center.
KeyBanc Capital Markets maintained its Sector Weight rating on ProLogis shares, while Raymond (NSE:RYMD) James downgraded ProLogis’ stock rating to Market Perform. On the other hand, UBS, RBC Capital Markets, and Truist Securities raised their price targets for ProLogis to $137, $128, and $123, respectively, while maintaining their Buy ratings. BTIG reiterated its Buy rating on ProLogis stock, keeping the price target at $134, and Citi maintained a Buy rating and reiterated a $150 price target.
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