July 25, 2014 2:28 PM ET

Real Estate Investment Trusts (REITs)

Company Overview of Prologis LP

Company Overview

AMB Property, L.P. engages in the acquisition, development, and operation of industrial properties in North America, Europe, and Asia. Its industrial properties principally include logistics facilities, centers, or warehouses; distribution facilities, centers, or warehouses; and high throughput distribution facilities. The company, through its subsidiaries, also provides real estate investment services; and develops projects for sale or contribution to third parties. As of March 31, 2007, it owned or had investments in properties and development projects of approximately 128.2 million rentable square feet; and 1,101 buildings in 40 markets within 13 countries. The company also managed approx...

Pier 1 Bay 1

San Francisco, CA 94111

United States

1,468 Employees

Phone:

415-394-9000

Fax:

415-394-9001

Key Executives for Prologis LP

Chairman of AMB Property Corporation
Age: 57
Chief Accounting Officer of AMB Property Corporation and Senior Vice President of AMB Property Corporation
Age: 46
Compensation as of Fiscal Year 2014.

Prologis LP Key Developments

Prologis, Inc., Prologis, L.P. Enter into First Amendment to the Global Senior Credit Agreement with Various Lenders and Bank of America, N.A

On June 26, 2014, Prologis, Inc. (Prologis), Prologis, L.P., a limited partnership (the operating partnership), entered into a first amendment to the global senior credit agreement dated as of July 11, 2013 among Prologis, the operating partnership, various affiliates of the operating partnership, various lenders and Bank of America, N.A., as administrative agent. The first amendment increased the commitments under the U.S. tranche of the credit agreement by $400,000,000 (to a total of $1,220,000,000) and under the Euro tranche of the credit agreement by 73,490,000 (to a total of 597,430,000). In addition, first amendment increases the cross-default and the judgment default thresholds from $50,000,000 to $100,000,000, permanently increases the maximum secured debt to total asset value ratio from 35% to 40% and adds certain provisions regarding anti-corruption laws.

Prologis, Inc., Prologis, L.P. Enter into Senior Term Loan Agreement with Various Lenders and Bank of America, N.A

On June 19, 2014, Prologis, Inc., Prologis, L.P. (operating partnership), and various affiliates of the operating partnership entered into a senior term loan agreement with various lenders and Bank of America, N.A., as administrative agent. Pursuant to the loan agreement, the operating partnership and various affiliates thereof may obtain loans in various currencies in an aggregate amount not to exceed 500,000,000 (subject to increase to up to 1,000,000,000 pursuant to the accordion feature included in the loan agreement). The loan agreement permits the borrowers to re-borrow, within a specified period of time, any amounts prepaid there under. The loan agreement is scheduled to mature on June 19, 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 loan agreement two times, in each case for a period of up to one year. Pricing under the loan agreement, including the spread over LIBOR, varies based upon the public debt ratings of the operating partnership as in effect from time to time. The loan agreement contains representations, covenants (including certain financial tests applicable to Prologis) and defaults (including a cross-acceleration to other recourse indebtedness of more than $100,000,000) that are substantially the same as the corresponding provisions of the other major unsecured credit facilities of Prologis and the Operating Partnership. Prologis has unconditionally guaranteed all obligations of each borrower under the loan agreement, and the Operating Partnership has unconditionally guaranteed all obligations of each other borrower under the loan agreement.

Prologis Announces Early Results of Maximum Tender Offer

Prologis Inc. announced the preliminary results, as of the Early Tender Time, for Prologis LP previously announced cash tender offer to purchase, after giving effect to Prologis' recently completed any and all tender offer for certain other series of notes, up to approximately $45 million, including accrued interest but excluding fees and expenses, of the series of notes of Prologis and its indirect wholly owned subsidiary, Prologis. As of 5:00 pm, ET, November 6, 2013, the aggregate principal amount of Maximum Tender Notes validly tendered and not validly withdrawn was approximately $324.2 million. Holders of Maximum Tender Notes validly tendered and not validly withdrawn at or prior to the Early Tender Time are eligible to receive the applicable Total Consideration, which includes an early tender payment of $30 per $1,000 principal amount of Maximum Tender Notes validly tendered and accepted for purchase, as described in the Offer to Purchase. The Total Consideration will be determined as of 2:00 pm, ET on November 7, 2013. Holders of Maximum Tender Notes who validly tender their notes after the Early Tender Time and at or prior to the Maximum Tender Expiration Time will be eligible to receive the applicable tender offer consideration, which is the Total Consideration minus the early tender payment, as described in the Offer to Purchase. The applicable Total Consideration or tender offer consideration will only be paid to holders of tendered Maximum Tender Notes to the extent that Prologis accepts such notes for purchase. In addition to the Total Consideration or tender offer consideration, as applicable, Prologis will also pay accrued but unpaid interest with respect to notes accepted for purchase from the applicable last interest payment date to, but not including, the Maximum Tender Offer settlement date, which is expected to be November 22, 2013. Because the aggregate principal amount of the Maximum Tender Notes that have been tendered and not validly withdrawn as of the Early Tender Time exceeds the Maximum Tender Amount, the principal amount of a series of Maximum Tender Notes accepted for purchase in the Maximum Tender Offer may be prorated as set forth in the Offer to Purchase. The Maximum Tender Offer is subject to the satisfaction of certain conditions set forth in the Offer to Purchase and the related Letter of Transmittal. If any of the conditions are not satisfied, Prologis will not be obligated to accept for payment, purchase or pay for, and may delay the acceptance for payment of, any tendered notes, in each event subject to applicable laws and may terminate the Maximum Tender Offer. The Maximum Tender Offer is not conditioned on the tender of a minimum principal amount of notes, and Prologis is not soliciting consents from holders of notes in connection with the Maximum Tender Offer.

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