QTS Realty’s 6.5% convertible preferreds may be converted to cash after fundamental change

By Rebecca Melvin

Concord, N.H., Sept. 1 – QTS Realty Trust Inc. announced that holders of its 6.5% series A cumulative convertible perpetual preferred LLC units have the right to convert their units into cash upon the occurrence of a fundamental change, according to a company news release on Wednesday.

Each unit may be converted into $172.84 in cash until the close of business on Oct. 14. After that date, holders of the new series A preferred units will have the right to convert each unit into $167.40 in cash.

The conversion right follows the closing of its acquisition by affiliates of Blackstone Infrastructure Partners, Blackstone Real estate Income Trust Inc. and Blackstone Property Partners.

After the closing of the acquisition, each outstanding share of QTS 6.5% series B cumulative convertible perpetual preferred stock will automatically be converted into one new series A preferred unit.

Computershare (CANoticeofGuarantee@computershare.com) is serving as the conversion agent.

QTS Realty is an Overland Park, Kan.-based data center operator.

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