Fitch rates Prologis notes BBB

Fitch Ratings said it assigned a credit rating of BBB to the €700 million aggregate principal amount of guaranteed notes issued by Prologis, LP, the operating partnership of Prologis, Inc.

The 2022 notes have an annual coupon rate of 3% and were priced at 99.483% of the principal amount to yield 3.072% to maturity or 167.4 basis points over the benchmark rate.

The outlook is stable.

The company intends to use a portion of the net proceeds of about €693.6 million to repurchase all of its 5.875% notes due Oct. 23, 2014. It will use the remaining net proceeds for general corporate purposes, including to repay or repurchase other indebtedness. In the short term, the company intends to use the net proceeds to repay borrowings under its multi-currency senior term loan and/or its global line of credit.

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