Denver-based logistics operator Prologis said it has closed on a $106 mln financing with a syndicate of four banks, comprising Bank of America, RBOS/ABN Amro, Sumitomo Mitsui and Bank of China. The company said the financing facility will mature by end-November 2011. Banc of America Securities served as sole lead arranger on the refinancing.
Denver-based logistics operator Prologis said it has closed on a $106 mln financing with a syndicate of four banks, comprising Bank of America, RBOS/ABN Amro, Sumitomo Mitsui and Bank of China. The company said the financing facility will mature by end-November 2011. Banc of America Securities served as sole lead arranger on the refinancing.
Prologis said it will use the proceeds to refinance a $106 mln tranche of the company's global line of credit, which was scheduled for maturity in May 2009, as well as for general corporate purposes.
'Prologis has had long-standing relationships with all the banks in this syndicate. It is the strength of those relationships that give us confidence in our goal to refinance our near-term debt maturities quickly,' said Bill Sullivan, chief financial officer.
Last month the company outlined an action plan for investors including re-financing and renegotiating debt maturities on Prologis' balance sheet and in its property funds, halting new development starts, shrinking the development pipeline, de-levering the balance sheet, and retaining capital through G&A cuts and a reduction of the dividend. 'We will continue to report our progress as we execute on our plan,' said Bill Sullivan, chief financial officer.
