DuPont Fabros Technology, Inc.
DFT announced today that its Board of Directors and Nominating and
Corporate Governance Committee have decided, as part of its succession
planning process, to expand and strengthen its senior management team. The
company has initiated a search process to hire a President, who initially will
focus on corporate strategy, acquisitions and other aspects of business
development.
The company anticipates that, if the new President meets the expectations of
the Board and the senior management team, he or she is expected to eventually
succeed Hossein Fateh as the company's Chief Executive Officer. In connection
with this succession, it is expected that Mr. Fateh would then become the
company's Executive Chairman and Mr. du Pont then would become Vice-Chairman.
Although the company has initiated the search process, the timetable for the
succession process has not yet been determined.
Separately, the company announced that its subsidiary DuPont Fabros
Technology, L.P. (the "Operating Partnership") intends to offer $600 million
aggregate principal amount of senior notes due 2021 (the "Notes"), subject to
market conditions. The purpose of this offering is to finance, together with
cash on hand, a tender offer (the "Tender Offer") to purchase all of the
outstanding 8.5% Senior Notes due 2017 of the Operating Partnership (the "2017
Notes") and, if necessary, the redemption of any of the 2017 Notes which
remain outstanding after the expiration of the Tender Offer.
The Notes will be unconditionally guaranteed, jointly and severally, on a
senior unsecured basis by the Company and certain of its subsidiaries.
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