DuPont Fabros Tech Initiates Search Process for Pres; Announces $600M Offering of Senior Notes, $550 Aggregate Principal

DuPont Fabros Technology, Inc.

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.