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Digital Realty Trust prices $300M preferred stock offering

Digital Realty Trust Inc. priced a public offering of 12.0 million shares of 5.200% series L cumulative redeemable preferred stock, with a per-share liquidation preference of $25.00, for gross proceeds of $300 million.

The data center real estate investment trust also granted a 30-day overallotment option for the underwriters to buy up to 1.8 million additional shares.

The REIT aims to use net proceeds to repay borrowings under its operating partnership's global revolving credit facility, to buy additional properties or businesses, to finance development opportunities, and for working capital and other general corporate functions.

BofA Securities Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC are the joint book-running managers for the offering, expected to close Oct. 10.