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Digital Realty Completes $175M Offering

SAN FRANCISCO-The locally based public technology REIT sells seven million shares of 4.375% series C cumulative convertible preferred stock in order to pay down unsecured debt and fund acquisition and redevelopment activites.

By Brian K. Miller | Updated on April 10, 2007

(To read more on the debt and equity markets, click here.)

SAN FRANCISCO-Digital Realty Trust on Tuesday sold seven million shares of its 4.375% series C cumulative convertible preferred stock at $25 apiece. Including a 1.05-million-share over-allotment option held by underwriter Credit Suisse Securities (USA) LLC that is expected to be exercised, gross proceeds from the offering are expected to be just over $200 million.

After deducting discounts, commissions and estimated expenses, Digital Realty estimates its proceeds from this offering will range from $169.1 million to $194.6 million depending on the extent to which the over-allotment option is exercised. The company intends to utilize the net proceeds from the offering to pay down borrowings under its unsecured credit facility, to fund acquisitions, to fund redevelopment activities and for general corporate purposes.

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