US industrial property owner and logistics specialist Prologis is looking to raise $95mn of US earthquake cover with Logistics Re, its first catastrophe bond deal.
Price guidance on the single-tranche deal of Class A notes has moved to 325-350 basis points (bps), at the upper end of an initial 300-350 bps forecast.
At the mid-point of the new range, the spread will give investors a 3.1x multiple of the expected loss of 1.1%.
Cover is for earthquake losses across the US, excluding Alaska and Hawaii.
The trigger is indemnity, per occurrence, and the initial attachment level is $350mn.
The deal is being placed by way of Bermuda vehicle Solution Insurance, a subsidiary of Prologis.
The ceding reinsurer is Hannover Rück, and the modelling agent is AIR Worldwide.
Joint structuring agents and joint bookrunners are GC Securities and Goldman Sachs & Co.
