DuPont Fabros Expands ‘Accordion’ Loan Limit
September 1st, 2010 By: Rich Miller
Data center developer DuPont Fabros Technology (DFT) has gained access to an additional $15 million in funding through an expansion of an existing credit line. The company said Tuesday that it has used an “accordion” feature of its unsecured revolving credit facility to increase the current borrowing amount from $85 million to $100 million. Other key terms of the credit facility, which expires in May 2013, remain unchanged. DuPont Fabros hasn’t yet done any borrowing through the facility.
“We are pleased to have expanded the facility and filled the accordion,” said Mark Wetzel, Chief Financial Officer and Treasurer of DuPont Fabros. “The additional capital capacity provides the financial flexibility to fund the future growth for the company.”
The credit line was part of a May funding announcement, along with a secondary stock offering. The funding will allow the data center REIT to complete huge projects in Virginia and Silicon Valley.