DENVER-ProLogis said Monday it has amended its global credit facility, reducing the borrowing limit while extending the maturity date. The amendment also sets new pricing terms.

As of October, the distribution REIT’s borrowing limit will drop to $2.25 billion from $3.6 billion, and the maturity date will move to August 2012 from October 2010. The pricing will range from LIBOR plus 80 basis points to LIBOR plus 325 basis points, dependent upon credit ratings, but will not be subject to a LIBOR floor. Funds may be drawn in US dollars, euros, Japanese yen, British pound sterling and Canadian dollars.

The amended loan agreement includes commitments from 19 lenders, 17 existing creditors and two new ones. The amendment allows for the borrowing limit to be increased to $2.75 billion subject to additional lender commitments. In connection with the new deal, ProLogis terminated an existing $600 million senior, term-loan facility that had been scheduled to mature Oct. 6, 2009.

Over the past three months ProLogis chief executive Walter Rakowich says the company has generated more than $3.6 billion of gross proceeds from asset sales and contributions, raised over $1.1 billion of equity and bought back roughly $1.2 billion of bonds at a discount of over $300 million. Over the past nine months he says the company has created over $5 billion of liquidity. Combined with the amended credit facility, Rakowich says the company has substantially completed its initial effort to “de-leverage” and “de-risk” the company in response to the “seismic shifts” in global capital markets and economies.

ProLogis has approximately 475 million square feet of product in North America, Europe and Asia. Banc of America Securities LLC, RBS Securities Inc., Sumitomo Mitsui Banking Corporation and J.P. Morgan Securities Inc. acted as global lead arrangers and global book runners.

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