DuPont Fabros’ 6.625% cumulative preferreds to begin trading on NYSE on Wednesday

By Stephanie N. Rotondo

Seattle, May 16 – DuPont Fabros Technology Inc.’s $175 million of 6.625% series C cumulative redeemable perpetual preferred stock – a deal priced May 10 – are expected to begin trading on the New York Stock Exchange on Wednesday, a market source reported.

The ticker symbol will be “DFTPC.”

Initial price talk was 6.75% to 7%.

There is a $26.25 million over-allotment option.

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

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.

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 a Washington, D.C.-based owner, developer and manager of multi-tenant wholesale data centers.

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