ProLogis closes on $347M in loans - Denver Business Journal:

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Proceeds from the threw loans initially will be used torepay credit-lines borrowings, and later to refinanced $285 million of remainingf corporate debt maturities for 2009 and 2010. ProLogis PLD) of Denver is one of the world’sz largest owners and operators ofdistributionm centers. Since the fall of 2008, the companu has been repositioning itself to deal with the curren t economic recession and reduce billions of dollars in debt by cuttinhg costsand employees, refinancing selling properties and gettinf out of non-core businesses. ProLogis had $9.3 billion in totao debt at the end of thefirsrt quarter, down from $10.
7 million at year-ens 2008, according to this year’s first-quarter Since the beginning of 2009, ProLogis has bough back $691 million of corporate notes at a 29 percenf discount, “effectively de-leveraging by $200 million,” companhy CFO William Sullivan said in a “The closing of these [new] loans helpz us in addressing our corporate refinancinf requirements for the remainder of this year and into All three recently obtained loans are secureed and interest only, and have an average blended interest rate of 7.24 percent, according to ProLogis.
The firsr two loans, totaling $245 million, have 10-year The third, $102 million loan has a five-yead term, with 14 properties in eight markets as ProLogis owns or operates more than 475 million squar e feet of industrial space inNorth America, Europew and Asia. Tenants at those properties include third-party logistics providers, retailers, transportation companies and other businesse s with largedistribution needs.