Colorado-based real estate investment company ProLogis has closed a $120 million, ten-year, secured financing with a major life insurance company on behalf of the ProLogis California Fund.

The financing has a loan-to-value of approximately 50% with 11 industrial properties located in the LA Basin and Inland Empire as security.

The proceeds will be used to partially refinance a $176 million secured debt facility that was set to mature in March 2009 but has been extended to March 2010.

Earlier in November 2008, the company announced a series of immediate, definitive actions and outlined a strategic plan to reduce debt, de-risk the development pipeline and right-size the company. The plan includes re-financing and/or renegotiating debt maturities on ProLogis' balance sheet and in its property funds.