ProLogis Closes 11.5 Billion Yen ($122 Million) TMK Bond Financings
DENVER, April 16 /PRNewswire-FirstCall/ -- ProLogis (NYSE: PLD), a leading global provider of distribution facilities, announced today that it has completed two TMK bond secured financings for a total of 11.5 billion yen ($122 million). Proceeds from both financings were used to pay down ProLogis' global line of credit. Tokutei Mokuteki Kaisha (TMK) is a tax favored, special purpose securitization vehicle that issues corporate bonds secured by real estate assets.
The first bond, which closed in late March, has a three-year maturity and is secured by ProLogis Parc Ichikawa II, an 802,000-square-foot distribution facility located in Tokyo, Japan. The second bond has a five-year maturity and is secured by ProLogis Parc Maishima III, an 803,000-square-foot distribution facility located in Osaka, Japan. This financing closed this week and is with a new lender to ProLogis.
"ProLogis continues to cultivate existing and establish new relationships with Japanese lenders in the TMK market. Our distribution facilities represent attractive security to lenders because of their superior quality, long-term leases and high-credit customers. We like the TMK market because it represents a reliable source of attractively priced debt capital for institutional quality assets," said Phillip D. Joseph, Jr., senior vice president and treasurer.
Customers in the two facilities include TOMY Company, JR East Logistics and Konoike Transport.
ProLogis is a leading global provider of distribution facilities, with more than 475 million square feet of industrial space (44 million square meters) in markets across North America, Europe and Asia. The company leases its industrial facilities to more than 4,400 customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs. For additional information about the company, go to www.prologis.com.
Released April 16, 2010