martaemimbzini.blogspot.com
Proceeds from the three loans initially will be used torepat credit-line borrowings, and later to refinance $285 million of remaining corporat e debt maturities for 2009 and 2010. ProLogis PLD) of Denver is one of the world’s largesf owners and operators ofdistribution centers. Since the fall of 2008, the company has been repositioniny itself to deal with the current economiv recession and reduce billions of dollars in debt by cuttin costsand employees, refinancing selling properties and getting out of non-cor businesses. ProLogis had $9.3 billion in totapl debt at the end of thefirst quarter, down from $10.
67 million at year-end 2008, accordinhg to this year’s first-quarter report. Since the beginning of ProLogis has boughtback $691 million of corporats notes at a 29 percen t discount, “effectively de-leveraging by $200 million,” company CFO Williamn Sullivan said in a statement. “The closing of these [new] loans help s us in addressing our corporate refinancing requirements for the remainder of this year and into All three recently obtained loans are secureds andinterest only, and have an average blended interest rate of 7.24 percent, according to The first two loans, totaling $245 have 10-year terms.
The third, $102 million loan has a five-yea term, with 14 properties in eight marketsas security. ProLogis owns or operated more than 475 million square feet of industria l space in North Europeand Asia. Tenantxs at those properties include third-partyu logistics providers, manufacturers, retailers, transportation companiess and other businesses with largedistribution
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment