SAN FRANCISCO and TOKYO-Prologis, Inc., the leading global owner, operator and developer of industrial real estate, has entered into a $458 million (JPY 45 billion) restated revolving credit agreement in Japan.
"The increased facility further supports our sustained growth in Japan," said Thomas Olinger, chief financial officer, Prologis. "We are very pleased with the strong support we received from our relationship banks."
Prologis upsized its credit facility from $372 million (JPY 36.5 billion) to $458 million (JPY 45 billion) with a syndicate of nine banks led by Sumitomo Mitsui Banking Corporation (SMBC) as the administrative agent.
Additionally, an accordion feature will allow Prologis to increase the credit facility to $576 million (JPY 56.5 billion) subject to lender approval. The new agreement matures on May 14, 2018. Pricing under the facility is based upon the company's public debt ratings and is currently at LIBOR plus 130 basis points. This represents a reduction of 40 basis points from pricing in the prior Yen facility.
Prologis, Inc., is the leading owner, operator and developer of industrial real estate, focused on global and regional markets across the Americas, Europe and Asia.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
