Industrial real estate investment trust Prologis Inc. said its operating partnership priced a $700 million offering of two series of notes.
The offering comprises $400 million of 3.875% notes due Sept. 15, 2028, priced at 99.320% of the principal amount, and $300 million of 4.375% notes due Sept. 15, 2048, priced at 98.782% of the principal amount.
The operating partnership plans to use the net proceeds from the offering, slated to close on or about June 20, to settle amounts drawn under its global line of credit and its Canadian term loan, to support general corporate functions.
Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Wells Fargo Securities LLC and Scotia Capital (USA) Inc. are the joint book-running managers for the offering.
