ProLogis Closes RMB 5 Billion ($735 Million) Senior Credit Facility
New China Line of Credit Supports Development Activity, Improves Financial Flexibility by Permitting Borrowings by ProLogis and ProLogis China Property Funds
DENVER, Oct. 22 /PRNewswire-FirstCall/ -- ProLogis (NYSE: PLD), the world's largest owner, manager and developer of distribution facilities, announced today that it has closed a RMB 5 billion ($735 million) senior credit facility with Bank of Communications (BOCOM), one of the largest and oldest state-owned banks in China with total assets of RMB 2.43 trillion ($357 billion).
The line of credit supplements ProLogis' existing RMB tranche included in the company's global lines of credit. Pricing is at the PBOC base rate. The line of credit may be drawn by ProLogis and its existing or future China property funds to finance development of properties in China as well as general corporate purposes.
"This China line of credit will provide significant flexibility for ProLogis as we expand our development activity throughout the country," said Jeffrey H. Schwartz, chairman and chief executive officer. "We are particularly pleased to have established this source of financing during these turbulent times when access to credit around the globe has become quite challenging. BOCOM is China's fifth largest commercial bank, and we look forward to leveraging both its superior financial strength and strong relationships throughout the country as we extend our market leadership position in China."
ProLogis is the world's largest owner, manager and developer of distribution facilities, with operations in 132 markets across North America, Europe and Asia. The company has $40.4 billion of assets owned, managed and under development, comprising 542.3 million square feet (50.4 million square meters) in 2,884 properties as of June 30, 2008. ProLogis' customers include manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs. Headquartered in Denver, Colorado, ProLogis employs over 1,500 people worldwide.
Released October 22, 2008