MEXICO CITY, Jan. 27, 2016 /PRNewswire-HISPANIC PR WIRE/ — FIBRA Prologis (BMV: FIBRAPL 14), Mexico’s leading owner and operator of Class-A industrial real estate, today announced it has refinanced US$107.0 million, including prepayment costs, of its secured facility maturing in 2016 with two major life insurance companies.
The new secured facility is scheduled to mature in January 2026. Pricing is a fixed interest rate of 4.67 percent with interest only payments for the first seven years of the secured loan.
“We’ve further extended our debt maturity schedule, improving our balance sheet risk profile,” said Jorge Girault, senior vice president, Finance, Prologis Mexico. “In combination with the financing we completed last month, we have increased the weighted average term by 2.5 years to 4.5 years, reduced our weighted average interest rate by approximately 70 bps to 5.0%, and fully addressed our 2016 debt maturities.”
ABOUT FIBRA PROLOGIS
FIBRA Prologis is the leading owner and operator of Class-A industrial real estate in Mexico. As of September 30, 2015, FIBRA Prologis comprised 185 logistics and manufacturing facilities in six industrial markets in Mexico totaling 31.6 million square feet (2.9 million square meters) of gross leasable area.
The statements in this release that are not historical facts are forward-looking statements. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which FIBRA Prologis operates, management’s beliefs and assumptions made by management. Such statements involve uncertainties that could significantly impact FIBRA Prologis financial results. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future — including statements relating to rent and occupancy growth, acquisition activity, development activity, disposition activity, general conditions in the geographic areas where we operate, our debt and financial position, are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) national, international, regional and local economic climates, (ii) changes in financial markets, interest rates and foreign currency exchange rates, (iii) increased or unanticipated competition for our properties, (iv) risks associated with acquisitions, dispositions and development of properties, (v) maintenance of real estate investment trust (“FIBRA”) status and tax structuring, (vi) availability of financing and capital, the levels of debt that we maintain and our credit ratings, (vii) risks related to our investments (viii) environmental uncertainties, including risks of natural disasters, and (ix) those additional factors discussed in reports filed with the “Comisión Nacional Bancaria y de Valores” and the Mexican Stock Exchange by FIBRA Prologis under the heading “Risk Factors.” FIBRA Prologis undertakes no duty to update any forward-looking statements appearing in this release.
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