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Prologis boosts credit facility to $3.5B from $3B

Prologis Inc. increased the size of its credit facility to $3.5 billion from $3.0 billion, giving it a total credit capacity of $4.0 billion including its Japanese yen facility.

The recast facility has a $1 billion accordion feature, and it matures Jan. 16, 2023. Pricing is based on Prologis' public debt ratings and currently stands at the London interbank offered rate plus 77.5 basis points, which is 7.5 basis points lower than the rate on the company's previous facility, Prologis said.

The facility, which may be drawn in U.S. or Canadian dollars, euros, Japanese yen, British pound sterling or Mexican pesos, carries a sustainability-linked pricing mechanism that reduces the borrowing spread if Prologis hits certain green benchmarks each year.