DuPont Fabros to sell up to $150 million perpetual preferred shares

By Paul A. Harris

St. Louis, Oct. 6 - DuPont Fabros Technology, Inc. announced on Tuesday that it has begun a $125 million underwritten public offering of its series A cumulative redeemable perpetual preferred stock.

The joint bookrunners are Barclays Capital Inc., Raymond James & Associates, RBC Capital Markets Corp., Macquarie Capital and Jefferies & Co.

The co-managers are Stifel Nicolaus Weisel, KeyBanc Capital Markets, Oppenheimer & Co., Baird and TD Securities.

Proceeds, plus a portion of the company's available cash, will be used to pay off in full its ACC4 term loan.

As of Oct. 6, the term loan had an outstanding balance of $196.5 million and bore interest at an annual rate of 3.8%. The loan matures on Oct. 24, 2011 and includes the option to extend the maturity date one year to Oct. 24, 2012.

The company expects to grant the underwriters a 30-day $25 million greenshoe.

The company intends to file an application to list the series A preferred stock on the New York Stock Exchange.

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

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