Prologis, Inc. 8-K

What Happened
Prologis, Inc. (via its Operating Partnership, Prologis, L.P.) announced on March 26, 2026 that it entered into an Amended and Restated Global Senior Credit Agreement (the “2026 Global Facility”) with a syndicate of lenders and Bank of America, N.A. as Global Administrative Agent. The facility provides revolving loans and letters of credit in multiple currencies up to the U.S. dollar equivalent of approximately $3,000,000,000, with an accordion to increase by up to an additional $1,000,000,000. At closing the facility has two tranches: a $2,000,000,000 U.S. Dollar Tranche and a €864,229,539.33 Euro Tranche, and is scheduled to mature on June 28, 2030 (with the option to extend twice by six months to December 31, 2030 and June 30, 2031).

Key Details

• Total capacity: ≈ $3,000,000,000 (U.S. dollar equivalent); accordion up to +$1,000,000,000.
• Tranches at closing: $2.0B (USD) and €864,229,539.33 (EUR). Maturity: June 28, 2030 (two optional 6‑month extensions).
• Pricing at closing: spread of 65 basis points over the applicable benchmark; pricing, facility and LC fees vary by the Operating Partnership’s public debt ratings.
• Covenants/defaults include customary representations and financial tests, plus a cross‑acceleration if other recourse indebtedness exceeds $150,000,000. Prologis, L.P. unconditionally guarantees borrowers; Prologis, Inc. is not required to guarantee unless it later incurs or guarantees new indebtedness not in place as of the facility date. A conforming First Amendment was also made to the 2025 Global Facility to align terms.

Why It Matters
This new revolving credit facility increases Prologis’ near‑term liquidity and provides flexible access to borrowings and letters of credit in multiple currencies, helping manage working capital, development or acquisition needs and reduce immediate refinancing risk. Interest cost under the facility will depend on market benchmark rates and Prologis’ credit ratings (the spread was 65 bps at closing). Covenants and cross‑acceleration provisions are standard but important to monitor because they can affect borrowing capacity if Prologis’ debt profile or ratings change. Importantly for investors, Prologis, Inc. is not taking on a parent guarantee now, which limits direct exposure of the public company’s balance sheet unless its circumstances change.