DuPont Fabros to sell series C cumulative redeemable preferred stock

By Stephanie N. Rotondo

Seattle, May 9 – DuPont Fabros Technology Inc. is offering series C cumulative redeemable perpetual preferred stock, according to a prospectus filed with the Securities and Exchange Commission on Monday.

Stifel Nicolaus & Co. Inc., Raymond James, Goldman Sachs & Co. and RBC Capital Markets are the joint bookrunners.

Co-managers include Baird, Credit Suisse Securities (USA) Inc., Evercore ISI, KeyBanc Capital Markets and TD Securities.

Dividends are payable quarterly on the 15th day of February, May, August and November. The preferreds become redeemable May 15, 2021 at par plus accrued dividends.

The company can also choose to redeem the securities in an effort to maintain its real estate investment trust status or upon a change of control.

The new securities will be listed on the New York Stock Exchange under the ticker symbol “DFTPC.”

Proceeds will be used to redeem any remaining 7.875% series A cumulative redeemable preferreds that remain outstanding after the company redeems 3.4 million shares on May 27. Any remaining funds will be used to redeem a portion of the 7.625% series B cumulative redeemable preferreds.

DuPont Fabros is based in Washington, D.C.

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