QTS Realty Trust Prices IPO At $21/shr, Below Estimated Range

(RTTNews) - QTS Realty Trust Inc. announced the pricing of its initial public offering of 12.25 million shares of Class A common stock, $0.01 par value per share, at a price to the public of $21.00 per share, for total gross proceeds of $257.25 million.

According to recent regulatory filings, the company said it planned to offer 12.25 million shares of Class A common stock in the range of $27.00 - $30.00 per share.

The offering is expected to close on October 15, 2013 and the shares are expected to begin trading on the New York Stock Exchange under the ticker symbol "QTS" on October 9, 2013.

The company said it has granted the underwriters a 30-day option to purchase an aggregate of up to an additional 1.84 million shares of common stock at the initial public offering price.

The company stated that it will contribute the net proceeds of the offering to its operating partnership. The company noted that it intends to use the net proceeds of the offering to repay amounts outstanding under its revolving credit facility.