Prologis Inc.'s operating partnership is offering to exchange about $750.0 million of outstanding notes issued by Liberty Property Trust's operating partnership for new notes in connection with the industrial real estate investment trusts' planned merger.
The exchange offers pertain to $400.0 million of 3.250% senior notes due Oct. 1, 2026, and $350.0 million of 4.375% senior notes due Feb. 1, 2029.
Prologis will offer $970 principal amount of its to-be-issued notes plus $1 in cash and an early participation premium of $30 principal amount of such notes in exchange for each $1,000 principal amount of the Liberty notes that is validly tendered before the early expiration time of 5 p.m. ET on Jan. 23.
The completion of the exchange offers is conditioned upon the closing of the proposed merger, among other conditions.
The offers are set to expire at 11:59 p.m. ET on Feb. 6, unless extended, while the merger is expected to close in early February.
J.P. Morgan Securities LLC and Mizuho Securities USA LLC are the dealer managers for the exchange offers, while D.F. King & Co. Inc. is the exchange and information agent.