WASHINGTON, DC-DuPont Fabros Technology will find out this weekif the underwriters to its public offering of 7 million shares willexercise their overallotment option. If they do, the REIT stands torealize $194.4 million in proceeds, Mark Wetzel, CFO and Treasurertells GlobeSt.com. If not, it will take home $169 million.
Last week it priced the shares of preferred stock at $25 pershare, giving underwriters a 30-day option to purchase anadditional 1,050,000.
The company intends to use all of the net proceeds from thisoffering, plus a portion of its available cash balances, to pay offits loan for its ACC4 data center. That loan has an outstandingbalance of $196.5 million. It then intends to use its remainingcash balances together with the amounts available under its $100million revolving credit facility, which is still open, to completethe current projects under development.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
