ProLogis Closes 4.26 Billion Yen ($44.3 Million) TMK Bond Financing
DENVER, July 6 /PRNewswire-FirstCall/ -- ProLogis (NYSE: PLD), a leading global provider of distribution facilities, announced today that it has completed a 4.26 billion yen ($44.3 million) TMK secured financing. The financing has a three-year maturity with loan-to-value of approximately 50 percent and is secured by ProLogis Parc Narashino III, a multi-tenant facility that is 100% leased and located in Tokyo, Japan. Tokutei Mokuteki Kaisha (TMK) is a tax favored, special purpose securitization vehicle that issues corporate bonds to its holders secured by real estate assets. Proceeds from this financing were used to pay down ProLogis' global lines of credit.
"This financing is another example of our continued access to secured markets globally and the attractiveness of industrial assets as security," said Bill Sullivan, chief financial officer. "We will continue to review opportunities with regard to our unencumbered assets and their role in our financing initiatives."
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 4,500 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 July 6, 2009