Debt
PEPR's financing structure utilises secured and unsecured debt sources with a spread of maturities. PEPR hedges its interest rate exposure by swapping floating rate interest payments to fixed rate obligations.
Debt Rating
The following table gives the current rating assigned to ProLogis European Properties
| Rating Agency |
Date last received | Rating | Outlook |
|---|---|---|---|
| Moody's Investors Service |
March 2010 |
Ba1 |
Stable |
Outstanding Debt
PEPR's outstanding debt as at 30 June 2010 was:
| Drawn amount | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Description | Rating | Issue date | Issue size | Coupon | Maturity date | Local currency |
Euros | Comments/ Facility LTV1 |
|
| Listed on the Luxembourg Stock Exchange | |||||||||
| ProLogis International Funding S.A. | Ba1 | Oct 2007 | 500.0m | 7.625%2 | Oct 2014 | 495.7m | 495.7m | Unsecured |
|
| Other | |||||||||
| Senior unsecured credit facility | - | Dec 2007 | 100.0m 300.0m |
n/a | Dec 2010 Dec 2012 |
17.0m £6.0m 109.0m 123.5m |
24.2m 257.6m |
Unsecured Floating rate |
|
| Deutsche Pfandbriefbank loan | - | Jul 2009 | 126.0m | 4.99% | Mar 2013 | 126.0m | 126.0m | LTV: 55% | |
| Eurohypo bank loan | - | Jul 2009 | £86.1m | 5.93% | Jul 2013 | £86.1m | 103.7m | LTV: 50% | |
| Helaba bank loan | - | Oct 2009 | SEK 332.5m 15.4m |
5.93% 5.19% |
Oct 2014 | SEK 327.6m 15.3m |
49.4m | LTV: 60% | |
| Helaba bank loan | - | Dec 2009 | 45.3m | 4.34% | Jan 2013 | 45.3m | 45.3m | LTV: 55% | |
| Crιdit Agricole CIB bank loan | - | Dec 2009 | £43.0m | 5.04% | Mar 2013 | £43.0m | 51.8m | LTV: 50% | |
| Landesbank Berlin bank loan | - | Dec 2009 | 74.0m | 3.93% | Jan 2014 | 73.8m | 73.8m | LTV: 50% | |
| Deutsche Pfandbriefbank loan | - | Dec 2009 | 74.5m | 5.42% 4.80% |
Dec 2013 | 24.3m 38.5m |
67.7m | LTV: 54% | |
| Syndicated bank loan | - | Jan 2010 | 300.0m | 5.16% | Jan 2014 | 299.3m | 299.3m | LTV: 52% | |
| TOTAL | 1,594.5m | ||||||||
1 Facility loan-to-value as at latest covenant reporting date
2 Reduces to 5.875% in the event of a return to an investment grade credit rating, subject to annual reset date of 23 October.
Largest 20 customers by annualised rental income as at 31 march 2010
| Customer Name 3 | Industry Type | Share of annualised rental income |
Number of leases |
|
|---|---|---|---|---|
| 1 | Ceva | 3PL | 7.1% | 15 |
| 2 | Geodis | 3PL | 5.1% | 11 |
| 3 | NYK Holdings (Nippon Yusen Kaisha) | 3PL | 3.8% | 8 |
| 4 | Deutsche Post AG (DHL) | 3PL | 3.8% | 15 |
| 5 | Gefco (PSA Peugeot) | 3PL | 2.7% | 6 |
| 6 | ND Logistics | 3PL | 2.4% | 5 |
| 7 | FM Logistic | 3PL | 2.2% | 5 |
| 8 | Fagor Electrodomesticos (Brandt Appliances) | Industrial Durables | 2.0% | 3 |
| 9 | Carrefour | Retail | 1.9% | 2 |
| 10 | GoodYear/Dunlop | Automotive | 1.9% | 2 |
| 11 | DSV A/S | 3PL | 1.6% | 5 |
| 12 | Intermarche | Retail | 1.6% | 3 |
| 13 | ID Logistics Group | 3PL | 1.4% | 4 |
| 14 | Eurofred | 3PL | 1.3% | 2 |
| 15 | Deutsche Bahn (Schenker) | 3PL | 1.3% | 4 |
| 16 | Kuehne & Nagel | 3PL | 1.3% | 3 |
| 17 | Schneider | Electrical/Mechanical | 1.2% | 2 |
| 18 | Amazon.com Inc | Retail | 1.2% | 1 |
| 19 | Sonepar (Elektroskandia) | Electrical/Mechanical | 1.1% | 1 |
| 20 | Depolabo Pharma Logistique | Pharmaceuticals | 1.1% | 2 |
| Subtotal of largest 20 customers | 46.0% | 99 | ||
| Leases with 188 other customers | 54.0% | 271 | ||
| Total | 100.0% | 370 |
3 Customers shown are either actual names or the name of the parent company of the customers.
