WASHINGTON, DC-DuPont Fabros Technology, a locally-based REIT, is going down a well-trodden path for property trusts these days: the company is tapping the public markets for capital in order to expand its operations. The REIT was co-founded by Lammot J. du Pont and Hossein Fateh.

The company has begun an underwritten public offering of 11 million shares of common stock. The joint book-running managers for this offering are KeyBanc Capital Markets, Raymond James, Macquarie Capital, RBC Capital Markets and Jefferies & Company. The company expects to grant the underwriters a 30-day option to purchase up to an additional 1.65 million shares of common stock to cover overallotments, if any.

DuPont Fabros intends to use all of the proceeds from this offering plus borrowings under its revolving credit facility to complete development of the first phase of its data center in Santa Clara, CA, known as SC1, and to completely develop the first phase of its data center in Ashburn, VA, known as ACC6. A spokesperson for the REIT told GlobeSt.com that the company couldn’t comment on when the offering would close or the proceeds expected.

DuPont Fabros also has entered into a $85 million unsecured revolving credit facility to replace the old secured facility, which terminated in December 2009. The facility includes an accordion feature which permits a $15 million increase. The new facility has an initial maturity date of May 6, 2013, and includes a one-year extension option. The interest rate on the new facility is LIBOR plus 4.5% and includes a LIBOR floor of 1%.