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Digital Realty to redeem any 5.5% exchangeables not put back to company
By Marisa Wong
Madison, Wis., March 17 - Digital Realty Trust, Inc. announced that holders of the 5.5% exchangeable senior debentures due 2029 issued by operating partnership Digital Realty Trust, LP may exercise their put option from March 17 until 5 p.m. ET on April 11.
Digital Realty is offering to purchase any or all of each holder's debentures at a purchase price of par on April 15.
Holders may withdraw debentures previously surrendered for purchase at any time prior to 5 p.m. ET on April 14.
In addition, the company announced it intends to redeem all of its outstanding debentures on April 18 at par plus accrued interest to the redemption date.
The company said it intends to make its regularly scheduled interest payment on April 15 to holders of record on April 1.
In connection with the redemption, holders have the right to exchange their debentures on or before 5 p.m. ET on April 16 at an exchange price of $38.7777 per share and an exchange rate of 25.7880 shares per $1,000 principal amount plus cash in lieu of fractional shares.
The company's stock closed at $52.77 (NYSE: DLR) on March 17.
Holders of record as of April 1 who wish to exchange their debentures rather than have them redeemed must exchange their debentures after 5 p.m. ET on April 15 but before 5 p.m. ET on April 16 in order to receive the regularly scheduled April 15 interest payment.
Holders who surrender their debentures for exchange after 5 p.m. ET on April 1 and prior to 5 p.m. ET on April 15 must include with their notice of exchange a payment, in immediately available funds, equal to the interest payment payable on April 15.
Debentures not surrendered for exchange prior to 5 p.m. ET on April 16 will be redeemed on April 18.
As of Dec. 31, there was $266.4 million principal amount of the debentures outstanding.
Wells Fargo Bank, NA (800 344-5128) is the trustee and exchange agent.
Digital Realty is a San Francisco-based provider of data center solutions.
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