AURORA, CO-The giant industrial REIT, ProLogis, recently completed its offering of $900 million in senior notes. Details were released in a 26-page 8-K filing with the Securities and Exchange Commission filing released Friday afternoon.

The notes are divided: $500 million of notes due Nov. 15, 2010 with an annual coupon rate of 5.25%; and $400 million of notes due Nov. 15, 2015 with an annual coupon rate of 5.63%. Net proceeds from the sale of the notes will be used to repay a portion of PLD's s borrowings under its $1.5-billion term loan.

With the completion of the offering, ProLogis entered into a "registration right agreement." The company is required to file an 8-K within 180 days after the closing date of the notes. The exchanges become effective within 270 days after the closing date. ProLogis is required to complete the exchange offer within 310 days after the closing date.

ProLogis and some of its subsidiaries have pledged specified inter-company loans to Bank of America, N.A., as collateral agent. Bank of America is the global administrative agent under ProLogis' global senior credit facility, and various other creditors of ProLogis, according to the document. The credit parties under the security agency agreement include the holders of specified credit obligations of ProLogis, including all obligations arising under ProLogis' global credit facility, certain hedging obligations of ProLogis, and other ''designated senior debt,'' according to the 8-K. The notes are effectively subordinated to the debts and liabilities of ProLogis' subsidiaries, according to the 8-K.