Data center developer DuPont Fabros Technology said Thursday that it will sell additional shares of its Series B Cumulative Redeemable Perpetual Preferred Stock (DFTPrB). The company will sell 2.6 million shares at $25 per share, and expects proceeds from the offering to be approximately $62.6 million (or $72.0 million if an underwriters' option is exercised in full). DuPont Fabros said the funds would be used to repay money it has borrowed under its $100 million revolving credit facility and for other "general corporate purposes."
DuPont Fabros (DFT) is one of three publicly-held real estate investment trusts (REITs) focusing on the data center sector, along with Digital Realty Trust (DLR) and CoreSite Realty (COR). The company leased 125,716 square feet of data center space in the first nine months of 2011, equal to 23.6 megawatts of critical load. In September DFT opened its ACC6 Phase I data center located in Ashburn, Virginia and its SC1 Phase I data center located in Santa Clara, California. Both facilities offer wholesale data center space.