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SAN FRANCISCO-Digital Realty Trust said Tuesday it expects to receive roughly $84 million in proceeds from an offering of approximately 2.5 million of its common shares. That total would grow to $96 million is the underwriter’s over-allotment option is exercised in full.

The data center REIT says it plans to use the proceeds to temporarily pay down outstanding debt under its revolving credit lines. The credit lines would then be tapped again to help pay for future acquisitions and development projects.

Credit Suisse Securities LLC was the sole book-running manager for the offering. It has the option to buy up to an additional 375,000 shares of stock to cover any over-allotments.

Shares of Digital Realty Trust fell $2.52, or 7.1%, to $32.87 on Tuesday as the broader markets also tumbled.

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