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Prologis unit prices inaugural €300M green bonds issuance

Prologis Inc. said Prologis International Funding II SA priced its inaugural issuance of €300.0 million of green bonds due 2028.

The notes were issued at 99.059% of the principal amount and bear interest at an annual rate of 1.750%. The debt will be issued under Prologis International Funding's €5.0 billion guaranteed euro medium-term note. Settlement is expected on or around March 15.

Prologis CFO Thomas Olinger said in a release that the company is "pleased to have established this important relationship with the green investment community" and looks forward to future investments in sustainable initiatives on behalf of Prologis entities.

Prologis European Logistics Fund FCP-FIS, parent of Prologis International Funding, will apply an amount equal to the net proceeds generated to the eligible green project portfolio in its applicable asset portfolio or that of any of its affiliates. Ahead of such use, Prologis International Funding will lend the net proceeds to PELF and related entities for early repayment of Prologis International's €300.0 million 2.750% guaranteed notes due 2018. Prologis International Funding exercised its call option for the notes on Feb. 21.

The funds will be also used to repay other debt and for other capital management activities.