Digital Realty’s 6.35% cumulative preferreds to list on NYSE

By Stephanie N. Rotondo

Phoenix, Aug. 27 – Digital Realty Trust Inc.’s $250 million of 6.35% series I cumulative redeemable perpetual preferred stock will begin trading on the New York Stock Exchange on Friday, according to a market source.

The ticker symbol will be “DLRPI.” The deal priced Aug. 13.

Morgan Stanley & Co. LLC, BofA Merrill Lynch, Citigroup Global Markets Inc. and Wells Fargo Securities LLC were the joint bookrunners. Credit Suisse Securities (USA) LLC was the senior co-manager.

Dividends will be payable on the last day of March, June, September and December. The San Francisco-based company can redeem the issue on or after Aug. 24, 2020 or upon a change of control and delisting at par plus accrued dividends.

If the company does not redeem the preferreds in the event of a change of control, holders can convert their preferred shares to common stock.

Holders of the preferreds will have no voting rights, except in the case where the company has failed to make six or more dividend payments, consecutively or otherwise.

Proceeds will be used to fund a portion of the Telx acquisition. Pending the closing of that acquisition, the funds will be loaned to the operating partnership, which will use the money to pay down a global revolving credit facility, to acquire additional properties, to fund development and for general corporate purposes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.