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 |
June 2009 |
Ba1 |
Negative |
Outstanding Debt
PEPR's outstanding debt as at 31 December 2009 was:
| Drawn amount | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Description | Rating | Issue date | Issue size | Coupon1 | Maturity date | Local currency |
Euros | Swapped rate | Comments/ Facility LTV2 |
| Listed on the London Stock Exchange (CMBS issuances) |
|||||||||
| Pan European Industrial Properties Series III S.A | AAA AAA AA |
Feb 2003 | 190.5m | 151m: + 35bps 17m: + 48bps 23m: + 85bps |
May 20103 | 24.2m £48.9m |
24.2m | 4.61% | |
| Pan European Industrial Properties Series IV S.A | AAA AA AAA |
Mar 2005 | 389.0m | 337m: + 14bps 32m: + 18bps 20m: + 30bps |
May 201012 | 40.9m £17.6m |
66.4m | 3.58% | |
| Listed on the Luxembourg Stock Exchange | |||||||||
| ProLogis International Funding S.A. | Ba1 | Oct 2007 | 500.0m | 7.625%4 | Oct 2014 | 495.7m | 495.7m | Unsecured |
|
| Other | |||||||||
| Senior unsecured credit facility | - | Dec 2007 | 900.0m | 300m: + 215bps5 300m: + 265bps 300m: + 270bps |
Dec 2010 Dec 2010 Dec 2012 |
73.0m 300.0m 129.0m 123.5m |
73.0m 300.0m 267.8m |
n\a | Unsecured |
| Deutsche Pfandbriefbank loan | - | Jul 2009 | 126.0m | +250bps | Mar 2013 | 126.0m | 126.0m | 4.99% | LTV: 55% |
| Eurohypo bank loan | - | Jul 2009 | £86.1m | +250bps | Jul 2013 | £86.1m | 96.8m | 5.98% | LTV: 50% |
| Helaba bank loan | - | Oct2009 | SEK 332.5m 15.5m |
+274bps | Oct 2014 | SEK 332.5m 15.5m |
47.1m | 5.93% 5.19% |
LTV: 60% |
| Helaba bank loan | - | Dec 2009 | 45.3m | +210bps | Jan 2013 | 45.3m | 45.3m | 4.34% | LTV: 55% |
| Crιdit Agricole CIB bank loan | - | Dec 2009 | £43.0m | +250bps | Mar 2013 | £43.0m | 48.3m | 5.04% | LTV: 50% |
| Landesbank Berlin bank loan | - | Dec 2009 | 74.0m | +167bps | Jan 2014 | 48.3m | 48.3m | 3.93% | LTV: 50% |
| TOTAL | 1,638.9m | ||||||||
1 All coupons are three month Euribor/Libor +
2 Facility loan-to-value as at latest covenant reporting date
3 Maturity dates relate to repayment dates rather than legal maturity dates, which are typically three years later. It is expected that the debt will be repaid in full on or before the repayment dates.
4 Reduces to 5.875% (with effect from 23 October 2010) in the event of a return to an investment grade credit rating.
5 A 50 basis point fee is also payable on the undrawn amount of the revolving portion of the senior unsecured credit facility.
