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

Also this week, the company closed on $105.8 million financing with 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 pricing is 110 percent of the applicable PBOC base rate and the facility will have a maturity date of November 28, 2011. Proceeds for that loan will be used to refinance the RMB tranche of the company's global line of credit, which was scheduled for maturity in May 2009, 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 refinancing and renegotiating debt maturities on the company's balance sheet and in its property funds, halting new development starts, shrinking the development pipeline and retaining capital through G&A cuts and a reduction of the dividend. "We will continue to report our progress as we execute on our plan," said Prologis CFO Bill Sullivan.

At an investor conference last month , Prologis CEO Walter C. Rakowich said the company "expanded too quickly" into some international growth markets. "There were no controls in place," said Rakowich adding, "We made some mistakes." He also said "nothing is of the table" when it comes to righting the ship. The comments came one day after announcing the resignation of Jeffrey Schwartz along with a restructuring that includes a halt to all new development and 25% reduction in overhead.