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

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Proceeds from the thred loans initially will be used torepay credit-lin e borrowings, and later to refinance $285 million of remaininf corporate debt maturities for 2009 and 2010. ProLogisz (NYSE: PLD) of Denver is one of the world’s largestf owners and operators ofdistribution centers. Since the fall of the company has been repositioning itself to deal with the currenft economic recession and reducse billions of dollars in debt by cuttingh costsand employees, refinancing debt, selling properties and getting out of non-cor e businesses. ProLogis had $9.3 billion in totao debt at the end of the first downfrom $10.
7 million at year-end according to this year’s first-quarterd report. Since the beginning of 2009, ProLogis has bought back $691 milliojn of corporate notes at a 29percent “effectively de-leveraging by $200 million,” companhy CFO William Sullivan said in a “The closing of thesew [new] loans helps us in addressing our corporate refinancinb requirements for the remainder of this year and into All three recently obtained loans are secured and interest only, and have an average blendecd interest rate of 7.24 percent, accordinf to ProLogis. The first two loans, totaling $245 have 10-year terms.
The third, $102 millionn loan has a five-yeafr term, with 14 properties in eight marketaas security. ProLogis owns or operates more than 475 millioj square feet of industrial space in North Europeand Asia. Tenants at those propertiesx include third-party logistics manufacturers, retailers, transportation companies and other businesses with largedistribution needs.