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DLR Ups Unsecured Credit to $650M

SAN FRANCISCO-Digital Realty Trust, the datacenter and Internet gateway REIT increases its senior unsecured credit facility by $150 million.

By Brian K. Miller | Updated on September 05, 2007

SAN FRANCISCO-Publicly traded Digital Realty Trust Inc. has an additional $150 million to spend. The locally based datacenter REIT modified, extended and expanded its senior unsecured revolving credit facility, increasing the total capacity to $650 million from $500 million and gaining the option to expand it by another $100 million. The company says it will use the additional dollars for acquisitions and development, working capital and general corporate purposes.

Thirteen banks participated in the new facility, which now matures in August 2010 and has two one-year extension options. Digital Realty says the applicable margin ranges from 12.5 to 25 basis points lower than the applicable margin for the earlier facility and the covenants have been modified to provide it with greater financial flexibility and increased borrowing capacity.

Prior to the changes, as of June 31, 2007, Digital Realty’s unsecured credit facility carried an interest rate that was equal to 1-month LIBOR plus 1.50% and matured on Oct. 31, 2008, according to its most recent 10Q filed with the SEC. Outstanding principal related to the facility was $114.3 million, split fairly evenly between US Dollars, Euros and British Sterling.

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