Tuesday, March 10, 2009 12:00:35 PM
PLD -
http://ih.advfn.com/p.php?pid=nmona&cb=1236700753&article=36813557&symbol=NY^PLD
ProLogis Closes on $120 Million Portfolio Refinancing for ProLogis California Fund
DENVER, March 10 /PRNewswire-FirstCall/ -- ProLogis (NYSE:PLD), a leading global provider of distribution facilities and services, announced today that it has closed on a $120 million, ten-year, secured financing with a major life insurance company on behalf of the ProLogis California Fund. The financing has a loan-to-value of approximately 50 percent with 11 industrial properties located in the LA Basin and Inland Empire as security. The proceeds will be used to partially refinance a $176 million secured debt facility that was set to mature in March 2009 but has been extended to March 2010.
In November 2008, ProLogis announced a series of immediate, definitive actions and outlined a strategic plan to reduce debt, de-risk the development pipeline and right-size the company. The plan includes re-financing and/or renegotiating debt maturities on ProLogis' balance sheet and in its property funds, halting new development starts, shrinking the development pipeline, de-levering the balance sheet, and retaining capital through G&A cuts and a reduction of the dividend.
http://ih.advfn.com/p.php?pid=nmona&cb=1236700753&article=36813557&symbol=NY^PLD
ProLogis Closes on $120 Million Portfolio Refinancing for ProLogis California Fund
DENVER, March 10 /PRNewswire-FirstCall/ -- ProLogis (NYSE:PLD), a leading global provider of distribution facilities and services, announced today that it has closed on a $120 million, ten-year, secured financing with a major life insurance company on behalf of the ProLogis California Fund. The financing has a loan-to-value of approximately 50 percent with 11 industrial properties located in the LA Basin and Inland Empire as security. The proceeds will be used to partially refinance a $176 million secured debt facility that was set to mature in March 2009 but has been extended to March 2010.
In November 2008, ProLogis announced a series of immediate, definitive actions and outlined a strategic plan to reduce debt, de-risk the development pipeline and right-size the company. The plan includes re-financing and/or renegotiating debt maturities on ProLogis' balance sheet and in its property funds, halting new development starts, shrinking the development pipeline, de-levering the balance sheet, and retaining capital through G&A cuts and a reduction of the dividend.
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