The proceeds are being used to refinance a $62 million secureddebt facility that was set to mature in January 2009 and to paydown $42 million of the Citi bridge debt facility.

Also this week, the company closed on $105.8 million financingwith a syndicate of four banks--Bank of America, RBOS/ABN AMRO,Sumitomo Mitsui and Bank of China. The facility has two components,a $36.4 million term loan and $69.4 million revolver. The pricingis 110 percent of the applicable PBOC base rate and the facilitywill have a maturity date of November 28, 2011. Proceeds for thatloan will be used to refinance the RMB tranche of the company'sglobal line of credit, which was scheduled for maturity in May2009, and for general corporate purposes.

The moves are part of the company's plan, revealed last month,to improve its financial position. The plan includes refinancingand renegotiating debt maturities on the company's balance sheetand in its property funds, halting new development starts,shrinking the development pipeline and retaining capital throughG&A cuts and a reduction of the dividend. "We will continue toreport our progress as we execute on our plan," said Prologis CFOBill Sullivan.