WASHINGTON, March 14, 2011 /PRNewswire/ -- DuPont Fabros Technology, Inc. (NYSE: DFT) today announced that it has closed the sale of an additional 450,000 shares of its 7.625% Series B Preferred Stock pursuant to the partial exercise by the underwriters of their option to purchase additional shares. Such option was granted to the underwriters in connection with the company's previously announced underwritten public offering of 3,600,000 shares of its 7.625% Series B Preferred Stock, which closed on March 8, 2011. Barclays Capital, Raymond James, RBC Capital Markets, Jefferies and Stifel Nicolaus Weisel acted as joint book-running managers, and Oppenheimer & Co. Inc. and KeyBanc Capital Markets acted as co-managers, for this offering.
The Company estimates that the total net proceeds from the Series B Preferred Stock offering, including the 450,000 shares pursuant to the exercise of the option to purchase additional shares, will be approximately $97.7 million, after deducting the underwriting discount and estimated offering expenses payable by the Company.
The company intends to use all of the net proceeds from the offering together with borrowings under its currently undrawn $100 million revolving credit facility to develop the second phase of its CH1 data center in Elk Grove Village, Illinois. The company estimates that it currently needs $170 million to complete the development of the second phase of its CH1 data center.
An automatic shelf registration statement with respect to this offering was previously filed with the Securities and Exchange Commission on November 4, 2010. A prospectus supplement relating to the offering has been filed with the Securities and Exchange Commission.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state. The offering was made only by means of a prospectus and related prospectus supplement. Copies of the prospectus supplement and the accompanying prospectus relating to these securities may be obtained from Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by calling (888) 603-5847 or emailing to Barclaysprospectus@broadridge.com; or Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716 or by calling (800) 248-8863.
About DuPont Fabros Technology, Inc.
DuPont Fabros Technology, Inc. is a real estate investment trust (REIT) and leading owner, developer, operator and manager of wholesale data centers. The Company's data centers are highly specialized, secure facilities used primarily by national and international technology companies to house, power and cool the computer servers which support many of their most critical business processes. DuPont Fabros Technology, Inc. is headquartered in Washington, DC.
SOURCE DuPont Fabros Technology, Inc.