DuPont Fabros gets $100 million loan

By Sara Rosenberg

New York, Oct. 28 - DuPont Fabros Technology Inc. closed on a new $100 million three-year secured loan, according to a news release.

KeyBank acted as the lead bank on the deal.

Pricing on the loan is Libor plus 350 basis points.

There is a one-year extension period and during that period, pricing would increase to Libor plus 400 bps.

There is a $150 million accordion feature available for the next 18 months.

Security is the company's newly constructed ACC4 prototype data center asset in Ashburn, Va., which is currently 87.5% leased.

Proceeds will be used to fund projects under development.

"We are very pleased to have secured this loan in a very difficult credit environment when capital is simply not readily available," said Hossein Fateh, president and chief executive officer, in the release.

"While the financing is less than the planned $300 million to $400 million, it is an accomplishment considering the times. We are actively seeking other lenders for the syndicate. In addition, we are negotiating mezzanine financing on ACC4 and exploring other financing alternatives to obtain the shortfall in the originally planned $300 million to $400 million. While no assurances can be made, our goal is to obtain additional proceeds before year-end," Fateh added in the release.

DuPont Fabros Technology is a Washington, DC.-based real estate investment trust and owner, developer, operator and manager of wholesale data centers.

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