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PLD > SEC Filings for PLD > Form 8-K on 15-Jul-2013All Recent SEC Filings

Show all filings for PROLOGIS, INC.

Form 8-K for PROLOGIS, INC.


Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sh

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On July 11, 2013, Prologis, Inc., a Maryland corporation ("Prologis"), Prologis, L.P., a Delaware limited partnership (the "Operating Partnership"), and various affiliates of the Operating Partnership entered into a Global Senior Credit Agreement (the "Global Facility") with various lenders and Bank of America, N.A., as Administrative Agent. Pursuant to the Credit Agreement, the Operating Partnership and various affiliates thereof (collectively the "Borrowers") may obtain loans and/or procure the issuance of letters of credit in various currencies on a revolving basis in an aggregate amount not exceeding approximately $2,000,000,000 (subject to increase to not more than approximately $3,000,000,000 pursuant to the accordion feature included in the Global Facility). The initial borrowings under the Global Facility occurred on July 11, 2013.

The Global Facility is scheduled to mature on July 11, 2017, but the Operating Partnership may, at its option and subject to the satisfaction of certain conditions and payment of an extension fee, extend the maturity date of the Global Facility for six months on two occasions (to January 11, 2018 and July 11, 2018, respectively). Pricing under the Global Facility, including the spread over LIBOR and the rates applicable to facility fees and letter of credit fees, varies based upon the public debt ratings of the Operating Partnership as in effect from time to time. The Global Facility contains customary representations, covenants (including certain financial tests applicable to Prologis) and defaults (including a cross-acceleration to other recourse indebtedness of more than $50,000,000). Prologis has unconditionally guaranteed all obligations of each borrower under the Global Facility, and the Operating Partnership has unconditionally guaranteed all obligations of each other borrower under the Global Facility.

The Global Facility has been included herewith as Exhibit 10.1 and is incorporated herein by reference.

Item 1.02. Termination of Material Definitive Agreement.

On July 11, 2013, the Operating Partnership and its subsidiaries repaid all outstanding obligations under the Global Senior Credit Agreement dated as of June 3, 2011 among Prologis, the Operating Partnership, certain other parties, and Bank of America, N.A., as administrative agent, and such agreement was terminated.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

  No.                                     Description
10.1         Global Senior Credit Agreement dated as of July 11, 2013 among
             Prologis, Inc., Prologis, L.P., various affiliates of Prologis, L.P.,
             various lenders and agents, and Bank of America, N.A., as
             Administrative Agent.

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