DuPont Fabros subsidiary enters maximum $148.9 million construction loan

By Jennifer Chiou

New York, Dec. 21 - DuPont Fabros Technology, LP's wholly owned subsidiary, Tarantula Ventures LLC, entered into a construction loan with KeyBank NA, according to an 8-K filing with the Securities and Exchange Commission.

The maximum principal amount of the loan cannot exceed $148.9 million.

The loan matures on Dec. 20, 2009, has a one-year extension option and requires monthly installments of interest only up to and including the maturity date, at which time, the outstanding principal balance must be paid.

The loan will bear interest at Libor plus 225 basis points.

Proceeds will be used to pay for the development of the first phase of a wholesale data center facility in Elk Grove Village, Ill. Linked to the loan agreement, DuPont Fabros repaid about $28 million to retire the existing outstanding indebtedness on the data center facility.

DuPont Fabros Technology, LP is the operating partnership of DuPont Fabros Technology, Inc.

The Washington, D.C.-based company is an owner, developer, operator and manager of wholesale data centers.

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