DENVER, March 10 /PRNewswire-FirstCall/ -- ProLogis , 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.
About ProLogis
ProLogis is a leading global provider of distribution facilities, with more than 475 million square feet of industrial space (44 million square meters) in markets across North America, Europe and Asia. The company leases its industrial facilities to more than 4,000 customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs. For additional information about the company, go to http://www.prologis.com/.
