ProLogis secures loan refinancing deal

  ProLogis said this morning that it had closed on a $137.5m (£91m), five-year, secured financing deal with a life insurance company on behalf of the ProLogis California Fund.   The global industrial developer said the financing had a loan-to-value of around 50% with 21 industrial properties located in the LA Basin and Inland Empire as security.   The proceeds were used to wholly refinance a $137m secured loan that was due to mature on 1 August 2009.   ProLogis has been pursuing a programme of refinancing and disposals to deleverage  and derisk the company.   ProLogis said it was now able to meet its debt maturities to 2012.   paul.norman@egi.co.uk