Prologis updates $3,000,000,000 global credit line
Rhea-AI Filing Summary
Prologis, L.P. entered into an amended and restated global senior credit facility that permits the borrowers to obtain revolving loans and letters of credit up to the U.S. Dollar equivalent of approximately $3,000,000,000, with an accordion feature allowing up to an additional U.S. Dollar equivalent of $1,000,000,000.
As of the closing date, the facility has a $2,000,000,000 U.S. Dollar Tranche and a €864,229,539.33 Euro Tranche. It is scheduled to mature on June 28, 2030, with two optional six‑month extensions available, and currently carries a spread of 65 basis points over the applicable benchmark rate.
Positive
- None.
Negative
- None.
Insights
Prologis renews and extends a large, flexible global credit line.
The operating partnership and affiliates secured an amended and restated global senior credit facility allowing up to approximately $3,000,000,000 of revolving loans and letters of credit, plus an accordion for an extra U.S. Dollar equivalent of $1,000,000,000. This replaces a prior agreement and refreshes terms with existing lenders.
The facility runs to June 28, 2030, with two optional six‑month extensions, and pricing currently reflects a 65 basis‑point spread tied to public debt ratings. Covenants include financial tests and a cross‑acceleration trigger for recourse debt above $150,000,000, which is standard for investment‑grade borrowers.
8-K Event Classification
3 items: 1.01, 2.03, 9.01
3 items
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
Financial
The company incurred a new significant debt or off-balance-sheet obligation.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Total facility size: U.S. Dollar equivalent of approximately $3,000,000,000
Accordion feature: U.S. Dollar equivalent of $1,000,000,000
U.S. Dollar Tranche: $2,000,000,000
+4 more
7 metrics
Total facility size
U.S. Dollar equivalent of approximately $3,000,000,000
Maximum aggregate amount of revolving loans and letters of credit
Accordion feature
U.S. Dollar equivalent of $1,000,000,000
Potential increase to facility size determined as of effective date of increase
U.S. Dollar Tranche
$2,000,000,000
Tranche size as of the closing date
Euro Tranche
€864,229,539.33
Tranche size as of the closing date
Spread over benchmark
65 basis points
Pricing spread as of the closing date
Cross-acceleration threshold
more than $150,000,000
Other recourse indebtedness level that triggers cross-acceleration default
Scheduled maturity date
June 28, 2030
Initial maturity of the 2026 Global Facility
Key Terms
Amended and Restated Global Senior Credit Agreement, accordion feature, letters of credit, cross-acceleration, +2 more
6 terms
Amended and Restated Global Senior Credit Agreement financial
"entered into an Amended and Restated Global Senior Credit Agreement (the “2026 Global Facility”)"
accordion feature financial
"subject to increase by not more than the U.S. Dollar equivalent of $1,000,000,000 pursuant to the accordion feature"
An accordion feature is a clause in a loan or financing agreement that allows a company to expand the size of a credit line or the amount of securities available under the same contract without drafting a completely new deal. Like a suitcase that can be extended to hold more items, it gives a company quick flexibility to raise extra money, which can help fund growth but may increase debt or dilute existing shareholders—so investors watch it for changes in risk and ownership.
letters of credit financial
"may obtain loans and/or procure the issuance of letters of credit in various currencies"
A letter of credit is a promise from a bank to pay a seller if the buyer fails to do so, commonly used in trade and large contracts to ensure payment. Think of it as a bank standing in for the buyer, like a certified check or payment insurance that reduces the risk of nonpayment. For investors, letters of credit matter because they affect a company’s cash flow, borrowing needs and contingent liabilities, and signal how much credit support a business requires to secure deals.
cross-acceleration financial
"defaults (including a cross-acceleration to other recourse indebtedness of more than $150,000,000)"
facility fees financial
"rates applicable to facility fees and letter of credit fees, varies based upon the public debt ratings"
Global Administrative Agent financial
"Bank of America, N.A., as Global Administrative Agent"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What is the size of Prologis (PLD) new global credit facility?
The amended and restated global senior credit facility permits Prologis, L.P. and affiliates to obtain revolving loans and letters of credit up to the U.S. Dollar equivalent of approximately $3,000,000,000. An accordion feature can increase this by a further U.S. Dollar equivalent of $1,000,000,000.
How is Prologis (PLD) 2026 Global Facility structured by currency?
As of the closing date, the 2026 Global Facility has two tranches: a U.S. Dollar Tranche of $2,000,000,000 and a Euro Tranche of €864,229,539.33. Both tranches are available on a revolving basis for loans and letters of credit in various currencies.
When does Prologis 2026 Global Facility mature and can it be extended?
The 2026 Global Facility is scheduled to mature on June 28, 2030. Prologis, L.P. may optionally extend the maturity twice, by six months each time, to December 31, 2030 and then to June 30, 2031, subject to paying an extension fee.
How is pricing determined under Prologis (PLD) new credit agreement?
Pricing for the 2026 Global Facility, including the spread over the applicable benchmark rate and facility and letter of credit fees, varies based on the Operating Partnership’s public debt ratings. As of the closing date, the applicable spread under the agreement was 65 basis points.
What covenants and default provisions apply to the Prologis 2026 Global Facility?
The 2026 Global Facility includes customary representations, covenants, and defaults, including financial tests for the Operating Partnership and a cross‑acceleration to other recourse indebtedness exceeding $150,000,000. Prologis, L.P. unconditionally guarantees obligations of each other borrower under the facility.
Is Prologis, Inc. required to guarantee the 2026 Global Facility?
Under the 2026 Global Facility, Prologis, Inc. is not required to guarantee borrower obligations unless it incurs new indebtedness not existing as of the facility date or guarantees indebtedness not already guaranteed by Prologis, Inc. on that date. The operating partnership currently provides the unconditional guarantees.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 26, 2026
(Exact name of registrant as specified in charter)
(State or other jurisdiction of Incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
Bay 1 |
||
(Address of Principal Executive Offices) |
(Zip Code) |
Registrants’ Telephone Number, including Area Code: (415 394-9000
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form
8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class |
Trading Symbol(s) |
Name of Each Exchange on Which Registered | ||||
| Prologis, Inc. | ||||||
| Prologis, L.P. | ||||||
| Prologis, L.P. |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or
Rule12b-2
of the Securities Exchange Act of 1934 (§240.12b-2
of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01. |
Entry into a Material Definitive Agreement. |
Item 2.03. |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
On March 26, 2026, Prologis, L.P., a Delaware limited partnership (the “Operating Partnership”), and various affiliates of the Operating Partnership entered into an Amended and Restated Global Senior Credit Agreement (the “2026 Global Facility”) with various lenders and agents, and Bank of America, N.A., as Global Administrative Agent, which amends and restates the Amended and Restated Global Senior Credit Agreement dated as of April 5, 2023 among the Operating Partnership, various affiliates of the Operating Partnership, the various agents and lenders party thereto, and Bank of America, N.A., as Global Administrative Agent. Pursuant to the 2026 Global Facility, 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 the U.S. Dollar equivalent of approximately $3,000,000,000 (subject to increase by not more than the U.S. Dollar equivalent of $1,000,000,000 (determined as of the effective date of such increase) pursuant to the accordion feature included in the 2026 Global Facility). As of the closing date, the 2026 Global Facility has two tranches: (i) a U.S. Dollar Tranche in the amount of $2,000,000,000 and (ii) a Euro Tranche in the amount of €864,229,539.33.
The 2026 Global Facility is scheduled to mature on June 28, 2030, but the Operating Partnership may, at its option and subject to payment of an extension fee, extend the maturity date of the 2026 Global Facility for six months on two occasions (to December 31, 2030 and June 30, 2031, respectively). Pricing under the 2026 Global Facility, including the spread over the applicable benchmark rate 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. As of the closing date, the spread was 65 basis points. The 2026 Global Facility contains customary representations, covenants (including certain financial tests applicable to the Operating Partnership) and defaults (including a cross-acceleration to other recourse indebtedness of more than $150,000,000). The Operating Partnership has unconditionally guaranteed all obligations of each other borrower under the 2026 Global Facility. Pursuant to the terms of the 2026 Global Facility, Prologis, Inc. is not required to guarantee the obligations of the borrowers under the 2026 Global Facility unless Prologis, Inc. incurs any indebtedness that is not in existence as of the date of the 2026 Global Facility or guarantees any indebtedness that is not guaranteed by Prologis, Inc. as of the date of the 2026 Global Facility.
Concurrently with the entry into the 2026 Global Facility, the Operating Partnership, various affiliates of the Operating Partnership, various lenders and agents, and Bank of America, N.A., as Global Administrative Agent entered into a First Amendment dated as of March 26, 2026 (the “First Amendment”) to the Amended and Restated Global Senior Credit Agreement dated as of May 22, 2025 (the “2025 Global Facility”) among the Operating Partnership, various affiliates of the Operating Partnership, various lenders and agents, and Bank of America, N.A., as Global Administrative Agent. The First Amendment conforms certain provisions in the 2025 Global Facility to the terms of the 2026 Global Facility.
The 2026 Global Facility has been included herewith as Exhibit 10.1, the First Amendment has been included herewith as Exhibit 10.2, and each is incorporated herein by reference.
Item 9.01. |
Financial Statements and Exhibits. |
(d)
Exhibits
. The following documents have been filed as exhibits to this report and are incorporated by reference herein as described below. Exhibit No. |
Description | |
| 10.1 | Second Amended and Restated Global Senior Credit Agreement dated as of March 26, 2026 among Prologis, L.P., various affiliates of Prologis, L.P., various lenders and agents, and Bank of America, N.A., as Global Administrative Agent. | |
| 10.2 | First Amendment dated as of March 26, 2026 among Prologis, L.P., various lenders and agents, and Bank of America, N.A., as Global Administrative Agent to the Amended and Restated Global Senior Credit Agreement dated as of May 22, 2025. | |
| 104 | Cover Page Interactive Data File – the cover page iXBRL tags are embedded within the Inline XBRL document. | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.
| PROLOGIS, INC. | ||||||
| March 30, 2026 | By: | /s/ Deborah K. Briones | ||||
| Name: | Deborah K. Briones | |||||
| Title: | Chief Legal Officer and General Counsel | |||||
| PROLOGIS, L.P., | ||||||
| By: | Prologis, Inc., its general partner | |||||
| March 30, 2026 | By: | /s/ Deborah K. Briones | ||||
| Name: | Deborah K. Briones | |||||
| Title: | Chief Legal Officer and General Counsel | |||||