New York, Oct. 7 - DuPont Fabros Technology, Inc. priced a $175 million offering of series A cumulative redeemable perpetual preferred stock with a 7 7/8% dividend late Thursday.
There is an overallotment option for a further $26.25 million.
The joint bookrunners were Barclays Capital Inc., Raymond James & Associates, RBC Capital Markets Corp., Macquarie Capital and Jefferies & Co.
The co-managers were Stifel Nicolaus Weisel, KeyBanc Capital Markets, Oppenheimer & Co., Baird and TD Securities.
Proceeds, available cash, will be used to repay in full the company's 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 intends list the preferreds 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.
| Issuer: | DuPont Fabros Technology, Inc.
|
| Issue: | Series A cumulative redeemable perpetual preferred stock
|
| Amount: | $175 million (7 million shares)
|
| Greenshoe: | $26.25 million (1.05 million shares)
|
| Maturity: | Perpetual
|
| Dividend: | 7 7/8%, payable quarterly
|
| Price: | Par of $25
|
| Call: | After five years at par
|
| Bookrunners: | Barclays Capital Inc., Raymond James & Associates, RBC Capital Markets Corp., Macquarie Capital and Jefferies & Co.
|
| Co-managers: | Stifel Nicolaus Weisel, KeyBanc Capital Markets, Oppenheimer & Co., Baird and TD Securities
|
| Listing: | NYSEL DFTPrA
|
| Pricing date: | Oct. 7
|
| Settlement: | Oct. 13
|
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