Bank of China contributes JPY 4 billion to a 2020 JPY 55 billion syndicated revolving loan to Prologis Marunouchi Finance Investment Limited Partnership for general corporate, working capital, and refinancing purposes (Linked to Record ID#99270)

Project narrative

On July 10, 2020 a syndicate of six banks — including the Tokyo Branch of the Bank of China (BOC) — signed a JPY 55,000,000,000 syndicated revolving credit agreement with Prologis Marunouchi Finance Investment Limited Partnership — a Japanese subsidiary of American industrial real estate investment trust Prologis, Inc. — for general corporate, working capital, and refinancing purposes. This loan carried a maturity period of four years and maturity date of July 10, 2024, which could be extended by one year to July 10, 2025 at the borrower's option and fulfill of necessary conditions The borrower should elect different interest rate for each borrowing under the loan, with options including base rate interest, Yen LIBOR interest (until the October 1, 2021 amendment of the loan), and TIBOR interest. The margins on the loans was dependent on Prologis's rating by Moody's and S&P's, with margins varying by 0.05% from 0.35% at A2/A or higher, to 0.4% at A3/A-, to 0.45% at Baa1/BBB+, and to 0.5% to Baa2/BBB or lower. This was a sustainability-linked (green) loan, with Prologis's interest margins being lowered by 0.01%, regardless of its ratings from Moody's or S&P, if it meant its sustainability metric percentages The loan was governed under the laws of the State of New York. Prologis, L.P. issued a guarantee in support of this loan. Prologis Marunouchi Finance Investment Limited Partnership served as the initial borrower, with initial qualified borrowers including Prologis Japan Finance Investment Limited Partnership and Prologis, L.P. This loan was amended on October 1, 2021 BOC Tokyo Branch committed JPY 4,000,000,000 to the loan syndicate: In addition to BOC, the following banks contributed the respective amounts to the loan syndicate: Sumitomo Mitsui Banking Corporation (SMBC) (JPY 14,000,000,000), MUFG Bank, Ltd. (JPY 13,000,000,000), Mizuho Bank (JPY 14,000,000,000), Sumitomo Mitsui Trust Bank, Ltd. (SMTB) (JPY 5,000,000,000), and Shinsei Bank (JPY 5,000,000,000). SMBC served as administrative agent, sustainability agent, and active bookrunner. Mizuho served as passive bookrunner. SMBC, Mizuho, and MUFG served as joint lead arrangers. This loan restated a February 16, 2017 JPY 50 billion revolving credit agreement provided by a banking syndicate including BOC Toyoko Branch (which contributed JPY 4 billion), as captured by Record ID#99270. The proceeds were to be used by the borrower(s) for working capital purposes, capital expenditure purposes, development, acquisitions, and other corporate purposes such as hedging, investing, and refinancing the existing revolving credit agreement.