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Digital Realty Trust to price cumulative redeemable preferreds
By James McCandless
San Antonio, March 4 – Digital Realty Trust, Inc. plans to price an offering of $25-par series K cumulative redeemable preferred stock, according to a 424B5 filing with the Securities and Exchange Commission.
BofA Merrill Lynch, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC are the joint bookrunners.
The preferreds are redeemable after five years at par. Prior to that, they are redeemable within 120 days after a change-of-control event.
Digital Realty plans to use the proceeds to repay borrowings outstanding under its global revolving credit facility, to acquire additional properties or businesses, to fund development opportunities and to provide for working capital and other general corporate purposes, including repayment of other debt or the repurchase, redemption, or retirement of outstanding debt securities or preferred stock, or a combination of the foregoing.
The company plans to list the preferreds on the New York Stock Exchange under the symbol “DLRPrK.”
Digital Realty is a San Francisco-based real estate investment trust specializing in data centers.
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