By Stephanie N. Rotondo
Portland, Ore., Jan. 13 - DuPont Fabros Technology, Inc. priced a $65 million add-on to its 7 5/8% series B cumulative redeemable perpetual preferred stock, according to an FWP filing with the Securities and Exchange Commission on Friday.
There is a $9.75 million over-allotment option.
The liquidation preference is $25.00 per preferred. The reoffer price is also $25.00.
The company pays dividends on a quarterly basis on the 15th day of January, April, July and October. The first dividend payment for the reopening will be made on April 16.
The preferreds are not redeemable until March 15, 2016, except under certain circumstances. There is a change-of-control feature.
Settlement is expected Thursday.
Barclays Capital Inc., Raymond James & Associates Inc., Jefferies & Co. and Stifel, Nicolaus & Co. Inc. are the joint bookrunners. KeyBanc Capital Markets LLC is the co-manager.
Proceeds will be used to repay outstanding borrowings under the company's $100 million revolving credit facility and for corporate purposes.
The preferreds are listed on the New York Stock Exchange under the symbol "DFTPB."
DuPont Fabros is a Washington, D.C.-based real estate investment trust.
| Issuer: | DuPont Fabros Technology, Inc.
|
| Securities: | Series B cumulative redeemable perpetual preferred stock
|
| Amount: | $65 million, or 2.6 million preferreds
|
| Greenshoe: | $9.75 million, or 390,000 preferreds
|
| Dividend: | 7 5/8%, payable quarterly
|
| Price: | $25
|
| Maturity: | Perpetual
|
| Call option: | Beginning March 15, 2016 or under certain circumstances
|
| Joint bookrunners: | Barclays Capital Inc., Raymond James & Associates Inc., Jefferies & Co. and Stifel, Nicolaus & Co. Inc.
|
| Co-manager: | KeyBanc Capital Markets LLC
|
| Pricing date: | Jan. 13
|
| Settlement date: | Jan. 19
|
| Listing: | NYSE: DFTPB
|
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