DuPont Fabros Technology gets $85 million revolving credit facility

By Sara Rosenberg

New York, May 11 - DuPont Fabros Technology LP closed on a new $85 million unsecured revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

KeyBanc Capital Markets acted as the lead arranger and bookrunner on the deal that was completed on May 6.

The facility matures on May 6, 2013, with a one-year extension option, subject to the payment of an extension fee equal to 50 basis points.

Pricing on the revolver is Libor plus 450 basis points.

Covenants include a fixed-charge coverage ratio of 1.70 to 1.00 and a tangible net worth requirement.

The company plans to use borrowings under the revolver, cash on hand and proceeds from an offering of 11 million shares of common stock to complete development of the first phase of its data center in Santa Clara, Calif., and to completely develop the first phase of its data center in Ashburn, Va.

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

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