ProLogis underwriters exercise $120.5 million of $150 million greenshoe on 1.875% convertibles

By Evan Weinberger

New York, Nov. 16 - ProLogis' underwriters exercised $120.5 million of the $150 million greenshoe on its $1 billion of 1.875% convertible senior notes due Nov. 15, 2037 Monday. The settlement date for the convertibles, which priced Nov. 1, was Thursday. The total amount of the offering is now $1.1205 billion.

Merrill Lynch and Wachovia are the joint bookrunners of the registered transaction.

The upsized offering priced with a 20% initial conversion premium and was offered at 98.25.

ProLogis is a Denver-based real estate investment trust and the world's largest owner, manager and developer of industrial distribution centers. The company plans to use the proceeds to repay a portion of its outstanding debt under its global credit line and for general corporate purposes.

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