Digital Realty Trust, L.P. Commences Offer of Exchangeable Senior Debentures

SAN FRANCISCO, April 13 /PRNewswire-FirstCall/ --

Digital Realty Trust, Inc. (the "Company") (NYSE: DLR - News), announced today that its operating partnership subsidiary, Digital Realty Trust, L.P. (the "Operating Partnership"), has commenced a private placement, subject to market conditions, of $200 million aggregate principal amount of Exchangeable Senior Debentures due 2029 (the "Debentures"), plus up to an additional $30 million aggregate principal amount of Debentures that may be issued at the option of the initial purchasers to cover over-allotments, if any. The Debentures will be senior unsecured obligations of the Operating Partnership, will be fully and unconditionally guaranteed by the Company and will be exchangeable for shares of the Company's common stock. The interest rate, exchange rate and offering price are to be determined by negotiations between the Operating Partnership and the initial purchasers of the Debentures.
The Company intends to utilize the net proceeds from the offering to temporarily repay all or a portion of its borrowings under its revolving credit facility, to acquire additional properties, to fund development and redevelopment opportunities and for general corporate purposes. The Company intends to reborrow amounts under its revolving credit facility from time to time to acquire additional properties, to fund development and redevelopment opportunities and for general corporate purposes.