Deal | 20 January 2026
Fibra Prologis Strengthens Capital Structure with Successful International Bond Offering
Fibra Prologis successfully executed a US$500 million senior unsecured bond offering with a 12-year tenor (due 2038), further cementing its efficient access to international debt capital markets and reinforcing its financial profile following the integration of Terrafina.
The transaction followed a one-day virtual roadshow led by BBVA, which generated strong institutional investor demand, resulting in an oversubscription of nearly four times and a peak order book of approximately US$2.0 billion. Robust demand enabled the issuer to tighten pricing by 30 basis points from initial price thoughts (IPTs), achieving final terms at U.S. Treasuries plus 155 basis points. The bonds were placed with a 5.625% coupon and a yield of 5.694%.
Net proceeds from the issuance will be used to fully refinance Terrafina’s bonds maturing in 2029, in line with the integration process stemming from Fibra Prologis’ previously announced acquisition of Terrafina. This transaction represents a key milestone in optimizing the consolidated group’s capital structure, allowing the company to simplify liabilities, extend its maturity profile, and enhance overall financial flexibility.
Following the acquisition, Fibra Prologis has solidified its position as one of the leading players in Mexico’s industrial real estate sector, benefiting from significantly greater scale, occupancy levels approaching 98%, and a predominantly U.S. dollar–denominated revenue base—factors that underpin its operational resilience and appeal to global investors.
BBVA acted as Joint Bookrunner, leveraging its deep expertise in international capital markets, global distribution capabilities, and strong sector knowledge in industrial real estate. The transaction underscores BBVA CIB’s leadership as a strategic partner for Mexican issuers seeking competitive, long-term financing in international markets.
BBVA congratulates Fibra Prologis on the successful execution of this transaction, which further strengthens its financial position and supports its growth and integration strategy. We appreciate the trust placed in BBVA and reaffirm our commitment to continuing to support our clients with innovative, high value-added financial solutions.
The transaction followed a one-day virtual roadshow led by BBVA, which generated strong institutional investor demand, resulting in an oversubscription of nearly four times and a peak order book of approximately US$2.0 billion. Robust demand enabled the issuer to tighten pricing by 30 basis points from initial price thoughts (IPTs), achieving final terms at U.S. Treasuries plus 155 basis points. The bonds were placed with a 5.625% coupon and a yield of 5.694%.
Net proceeds from the issuance will be used to fully refinance Terrafina’s bonds maturing in 2029, in line with the integration process stemming from Fibra Prologis’ previously announced acquisition of Terrafina. This transaction represents a key milestone in optimizing the consolidated group’s capital structure, allowing the company to simplify liabilities, extend its maturity profile, and enhance overall financial flexibility.
Following the acquisition, Fibra Prologis has solidified its position as one of the leading players in Mexico’s industrial real estate sector, benefiting from significantly greater scale, occupancy levels approaching 98%, and a predominantly U.S. dollar–denominated revenue base—factors that underpin its operational resilience and appeal to global investors.
BBVA acted as Joint Bookrunner, leveraging its deep expertise in international capital markets, global distribution capabilities, and strong sector knowledge in industrial real estate. The transaction underscores BBVA CIB’s leadership as a strategic partner for Mexican issuers seeking competitive, long-term financing in international markets.
BBVA congratulates Fibra Prologis on the successful execution of this transaction, which further strengthens its financial position and supports its growth and integration strategy. We appreciate the trust placed in BBVA and reaffirm our commitment to continuing to support our clients with innovative, high value-added financial solutions.