By Andrea Heisinger
New York, March 3 - DuPont Fabros Technology, Inc. priced $90 million, or 3.6 million shares, of 7 5/8% perpetual series B cumulative redeemable preferred stock on Thursday at par of $25.00 per share, according to a news release.
The sale had been announced on March 1.
The preferreds (Ba3/B-/) are callable after March 15, 2016 for $25.00 plus accrued and unpaid interest. The shares can be converted to common stock if a change-of-control scenario takes place.
There is an over-allotment option of $13.5 million, or 540,000 shares, to be used within 30 days.
Barclays Capital Inc., Raymond James & Associates Inc., RBC Capital Markets Corp., Jefferies & Co. and Stifel Nicolaus & Co. Inc. were the bookrunners.
Co-managers were Oppenheimer & Co., Inc. and KeyBanc Capital Markets Corp.
The proceeds are being used, along with the borrowings under a $100 million revolving credit facility, to develop the second phase of the CH1 data center in Elk Grove Village, Ill.
The real estate investment trust for data center facilities is based in Washington, D.C.
| Issuer: | DuPont Fabros Technology, Inc.
|
| Issue: | Series B cumulative redeemable preferred stock
|
| Amount: | $90 million (3.6 million shares)
|
| Greenshoe: | $13.5 million (540,000 shares) within 30 days
|
| Maturity: | Perpetual
|
| Bookrunners: | Barclays Capital Inc., Raymond James & Associates Inc., RBC Capital Markets Corp., Jefferies & Co., Stifel Nicolaus & Co. Inc.
|
| Co-managers: | Oppenheimer & Co., Inc., KeyBanc Capital Markets Corp.
|
| Dividend: | 7 5/8%
|
| Price: | Par of $25.00
|
| Yield: | 7 5/8%
|
| Call: | After March 15, 2016, for $25.00 plus accrued and unpaid interest
|
| Change-of-control put: | Can be converted to common stock
|
| Trade date: | March 3
|
| Settlement date: | March 8
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: B-
|
© 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.
