ProLogis eases short-term debt situation

ProLogis has come up with $347m in new loans, taking some of the pressure off of its immediate refinancing needs for this year.

Two of the loans, totaling $245 million, are ten-year, interest-only, secured corporate financings with 50 properties in 13 markets as security. The remaining $102 million loan is a five-year, interest-only, secured corporate financing with 14 properties in eight markets as security. The proceeds will be used initially to repay line of credit borrowings and subsequently address the refinancing of the $285 million of remaining corporate maturities for 2009 and a portion of 2010 corporate maturities. The average blended interest rate for the three loans is 7.24 percent.

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