Stripnomics

Today ProLogis announced that is received a new SENIOR credit facility from a Chinese bank. Here is the Denver Business Journal report:

ProLogis closes $735M credit facility

ProLogis has closed on $735 million senior credit facility with Bank of Communications, one of the largest state-owned banks in China, the company said Wednesday.

The new line of credit will supplement ProLogis’ existing global credit lines. ProLogis and its existing or future China property funds may draw on the credit line to finance development of properties in China, as well as for general corporate purposes, the company said.

ProLogis (NYSE: PLD) is a Denver-based owner, manager and developer of distribution facilities.

Here is my satirical translation:

To all you common stockholders:

Take a hike to the the end of the line to the tune of 735 million buckaroos. Oh yeah, the Chinese have 1st dibs on all the unsecured stuff we got. Peace out!

Maybe you think they will be able to get out of this mess now that they have some more credit cards? Sorry, but that is just wishful thinking. 

Math don’t lie.

This entry was posted on Wednesday, October 22nd, 2008 at 1:53 pm and is filed under Accounting, Economics, Law, ProLogis (PLD), Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.