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DuPont Fabros Offering Will Fund Chicago Project
DuPont Fabros Technology (DFT) has lined up tenants for the second phase of its huge Chicago-area data center. And now it's lined up the financing as well. DuPont Fabros said today that it has commenced an underwritten public offering of its Series B Preferred Stock.
Rich Miller
March 1, 2011
1 Min Read
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DuPont Fabros Technology has lined up tenants for the second phase of its huge Chicago-area data center. And now it's lined up the financing as well. DuPont Fabros (NYSE:DFT) said today that it has commenced an underwritten public offering of its Series B Cumulative Redeemable Perpetual Preferred Stock, and has applied to list the Series B shares on the New York Stock Exchange.
The company said it intends to use all of the net proceeds from the offering, together with borrowings under its $100 million revolving credit facility, to develop the second phase of its CH1 data center in Elk Grove Village, Illinois. DFT has pre-leased approximately 5.2 megawatts of critical load in the second phase to two existing tenants requiring expansion space.
The joint book-running managers for this offering are Barclays Capital, Raymond James, RBC Capital Markets, Jefferies and Stifel Nicolaus Weisel, and the co-managers are Oppenheimer & Co. and KeyBanc Capital Markets. The company expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of Series B Preferred Stock initially sold to the public to cover overallotments.
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