June 19, 2009 (FinancialWire) — ProLogis (NYSE: PLD) said it has closed on three secured loans totaling $347 million with two life insurance companies.

Two of the loans, totaling $245 million, are ten-year, interest-only, secured corporate financings with 50 properties in 13 markets as security.

The remaining $102 million loan is a five-year, interest-only, secured corporate financing with 14 properties in eight markets as security.

ProLogis said it will use the proceeds initially to repay line of credit borrowings and subsequently address the refinancing of the $285 million of remaining corporate maturities for 2009 and a portion of 2010 corporate maturities.

The company said that the average blended interest rate for the three loans is 7.24 percent.

company CEO William E. Sullivan said, “Since the beginning of the year, we have repurchased approximately $691 million notional amount of corporate notes at a 29 percent discount, effectively de-leveraging by $200 million.”

He said that the closing of the latest loans helps ProLogis to address its corporate refinancing requirements for the remainder of this year and into 2010.

Denver-based ProLogis is a provider of distribution facilities, with more than 475 million square feet of industrial space in markets across North America, Europe and Asia.

The company leases its industrial facilities to more than 4,500 customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs.

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