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 |
August 2011 |
Baa3 |
Stable |
Outstanding Debt
PEPR's outstanding debt as at 30 September 2011 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 | 5.875% | Oct 2014 | 493.8m | 493.8m | Unsecured |
|
| Other | |||||||||
| Senior unsecured credit facility | - | Dec 2007 | 300.0m |
+245 bps2 | Dec 2012 | £123.5m | 141.4m | Unsecured |
|
| Deutsche Pfandbriefbank loan | - | Jul 2009 | 126.0m | 5.06% | Mar 2013 | 126.0m | 126.0m | LTV: 57% | |
| Eurohypo bank loan | - | Jul 2009 | £86.1m | 5.93% | Jul 2013 | £86.1m | 98.6m | LTV: 50% | |
| 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 | 49.2m | LTV: 50% | |
| Landesbank Berlin bank loan | - | Dec 2009 | 74.0m | 3.93% | Jan 2014 | 72.9m | 72.9m | LTV: 49% Amortisation: 1% per annum |
|
| Deutsche Pfandbriefbank loan | - | Dec 2009 | 74.5m | 5.42% 4.80% |
Dec 2013 | £24.3m 38.5m |
66.3m | LTV: 55% | |
| Syndicated bank loan | - | Jan 2010 | 300.0m | 5.16% | Jan 2014 | 295.5m | 295.5m | LTV: 52% Amortisation: 1% in years 1 & 2, and 1.5% in year 3 & 4 |
|
| Revolving credit facility | - | Aug 2010 | 50.0m | +225bps3 | Aug 2013 | 0m | - | Unsecured |
|
| TOTAL | 1,389.0m | ||||||||
1 Facility loan-to-value as at latest covenant reporting date
2 Margin over Euribor or Libor ranges from +180 to +270 basis points, depending on PEPR's credit rating.
3 Margin over Euribor or Libor ranges from +225 to +300 basis points, depending on PEPR's credit rating.
