Digital Realty Announces Pricing Of Preferred Stock Offering

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Oct 01, 2019, 16:11 ET

SAN FRANCISCO, Oct. 1, 2019 /PRNewswire/ -- Digital Realty (NYSE: DLR), a leading global provider of data center, colocation and interconnection solutions, announced today the pricing of an underwritten public offering of 12,000,000 shares of 5.200% Series L Cumulative Redeemable Preferred Stock with a liquidation preference of $25.00 per share for gross proceeds of $300 million. The company has also granted the underwriters a 30‐day option to purchase from the company up to an additional 1,800,000 shares solely to cover over-allotments.

The preferred stock offering is expected to close on October 10, 2019, subject to customary closing conditions.

The company intends to use the net proceeds from the preferred stock offering to repay borrowings outstanding under its operating partnership's global revolving credit facility, acquire additional properties or businesses, fund development opportunities, and to provide for working capital and other general corporate purposes, including potentially for the repayment of other debt or the repurchase, redemption, or retirement of outstanding debt securities or preferred stock, or a combination of the foregoing.

BofA Securities, Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC are the joint book-running managers for the preferred stock offering.

The preferred stock offering was made under an effective shelf registration statement filed with the Securities and Exchange Commission. A copy of the preliminary prospectus supplement and accompanying prospectus relating to the offering of the preferred stock was filed with the Securities and Exchange Commission and is available by visiting the EDGAR database on the SEC's website at www.sec.gov. A copy of the preliminary prospectus supplement, final prospectus supplement (when available), and the accompanying prospectus relating to the offering of the preferred stock may be obtained by contacting:

BofA Securities, Inc.
Attn: Prospectus Department
200 North College Street
NC1-004-03-43
Charlotte, NC 28255
(800) 294-1322
[email protected]

Morgan Stanley & Co. LLC
1585 Broadway, 29^th Floor
New York, NY 10036
(866) 718-1649
[email protected]

UBS Securities LLC
1285 Avenue of the Americas
New York, NY 10019
Attn: Prospectus Specialist
(888) 827-7275

Wells Fargo Securities, LLC
Attn: WFS Customer Service 608 2nd Avenue South
Minneapolis, MN 55402
(800) 645-3751
[email protected]

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the preferred stock or any other securities, nor shall there be any offer, solicitation or sale of preferred stock or any other securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Digital Realty
Digital Realty supports the data center, colocation and interconnection strategies of more than 2,000 firms across its secure, network-rich portfolio of data centers located throughout North America, Europe, Latin America, Asia and Australia. Digital Realty's clients include domestic and international companies of all sizes, ranging from cloud and information technology services, communications and social networking to financial services, manufacturing, energy, healthcare and consumer products.

For Additional Information
Andrew P. Power
Chief Financial Officer
Digital Realty
(415) 738-6500

Investor Relations
John J. Stewart
Digital Realty
(415) 738-6500
[email protected]

Safe Harbor Statement
This press release contains forward-looking statements which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially, including statements related to the timing and consummation of the offering of the preferred stock and the expected use of the net proceeds. The company can provide no assurances that it will be able to complete the offering on the anticipated terms, or at all. For a further list and description of such risks and uncertainties, see the company's reports and other filings with the U.S. Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2018 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2019 and June 30, 2019. Digital Realty disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE Digital Realty