DuPont Fabros Technology Announces Data Center Expansion
Faros DuPont Technology, Inc. (NYSE: DFT) today announced that the company closed a $ 150 million secured loan with a syndicate of lenders led by TD Bank. The loan has a term of five years at a floating rate of LIBOR plus 4.25% with a LIBOR floor of 1.50%. The loan is secured by newly constructed business asset data center acc5 in Ashburn, Virginia. The company expects to use the proceeds to pay the current term loan secured by 25 million U.S. dollars the acc5 data center, construction of Phase II of acc5, a reserve fund interest of $ 10 million required under the new loan and for general corporate purposes.
The loan includes an accordion feature that allows new lenders to join the existing bank syndicate to increase the loan amount up to an additional $ 100 million if certain lease and other agreements have been fulfilled.
“We are delighted to have achieved this credit loan in a challenging environment,” said Hossein Fateh, the company president and CEO. “This appropriation will allow us to move forward in our development pipeline, completing Phase II of acc5. Acc5 hope now that Phase II will be put into service in October 2010.”
In November 2009, the company made two new tenant leases in acc5, Phase I in Ashburn, Virginia. The first lease provides for 1138 megawatts (MW) of critical load, with a term of five years and a second provides 2275 MW, with a term of 12 years. One of the Phase I acc5 new tenants moved into the space was leased to another tenant who intend to take occupancy at a later date. We have exercised an option to move the occupant of the Phase I Phase II acc5 in acc5. As of 30 November 2009, Phase acc5 I was 79% leased and Phase II was 50% leased.
I also recently renewed until 2012 that a lease represents our only scheduled lease expiration 2010. This lease covered space in our data center VA3 in Reston, Virginia.
About DuPont Faros Technology, Inc.
Faros DuPont Technology, Inc. (NYSE: DFT) is a real estate investment trust (REIT) and leading owner, developer, operator and manager of data centers in bulk. Data Centers the company is highly specialized, secure facilities used primarily by national and international companies to the home technology, power and cool the computer servers that support many of their most critical business processes. Faros DuPont Technology, Inc. is headquartered in Washington, DC. For more information, please visit www.dft.com.
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