Shearman & Sterling advised Citibank, N.A., as Administrative Agent, on a replacement, recast and upsize of FIBRA Prologis’ existing $325 million unsecured revolving facility with a $400 million unsecured, committed and sustainable line of credit with a syndicate of eleven banks. The accordion feature provides FIBRA Prologis with the option to increase the credit facility to $500 million subject to lender approval. New pricing under this facility will be at LIBOR plus 199 basis points, which will be subject to FIBRAPL's credit rating and LED lighting square feet coverage. This represents a reduction of 26 basis points from pricing in the prior line of credit. This new facility not only improves FIBRAPL's liquidity but also demonstrates continued commitment to ESG initiatives.
FIBRA Prologis is a leading owner and operator of Class-A industrial real estate in Mexico. As of December 31, 2020, FIBRA Prologis was comprised of 205 logistics and manufacturing facilities in six industrial markets in Mexico totaling 40.2 million square feet (3.7 million square meters) of gross leasable area.