Digital Realty Trust Inc., Menlo Park, Calif., has announced a public offering of 3 million shares of series A cumulative redeemable preferred stock at $25 per share.The company said it intends to use the proceeds to repay borrowings under its unsecured credit facility, for possible real estate acquisitions, and for general corporate purposes. The underwriters have been granted an option to buy up to 450,000 additional shares to cover any overallotments. The joint book-running managers of the offering are Citigroup and UBS Investment Bank, and Merrill Lynch & Co. is the co-lead manager.
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