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Prologis to Sell $2.2 Bil of Notes

2/05/20

Prologisí operating subsidiary, Prologis L.P., has priced an offering of three series of notes totaling $2.2 bil of principal. The offering consists of $500 mil aggregate principal amount of its 2.125% notes due 2027, priced at 99.833% of the principal amount, $1 bil aggregate principal amount of its 2.250% notes due 2030, priced at 99.331% of the principal amount and $700 mil aggregate principal amount of its 3.000% notes due 2050, priced at 98.936% of the principal amount.

The notes will be senior unsecured obligations of the operating partnership. The sale of the notes is expected to close on or about February 18, 2020, subject to customary closing conditions.

The operating partnership intends to use the net proceeds to fund the redemption of certain notes issued by Liberty Property Limited Partnership ("Liberty OP") to be acquired under the previously announced merger between a subsidiary of the operating partnership and Liberty OP, which is expected to close in February 2020. The operating partnership expects to call the notes issued by Liberty OP for redemption after the merger closes.

Any remaining net proceeds will be used for general corporate purposes. In the short term, the operating partnership may also use the net proceeds to repay borrowings under its global line of credit and multi-currency senior term loan.

The joint book-running managers for the offering are J.P. Morgan Securities LLC, SMBC Nikko Securities America Inc and Wells Fargo Securities LLC.





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