Wholesale data center provider DuPont Fabros is preparing to raise funding to pay for expansion of its data center in the Chicago metropolitan area. The company has commenced a public offering of preferred stock, planning to list the shares on the New York Stock Exchange ÔÇô a market where it is already trading.

The offering's underwriters include Barclays Capital, Raymond James, RBC Capital Markets, Jefferies and Stifel Nicolaus Weisel, Oppenheimer and Co. and KeyBanc Capital Markets.

DuPont Fabros said it planned to use all of the net proceeds from the offering, as well as funds borrowed under its US$100m credit facility, to fund the build-out of the second phase of its data center in Elk Grove Village, Illinois.

As of 8 February, 2011, 29% of space in Phase II of the Elk Grove Village facility was pre-leased, according to the company's 2010 earnings statement. Its CEO Hossein Fateh said in February that funding and starting development of the second phase in Chicago would be a key focus for 2011.

The provider plans to deliver the phase in 2012. First phase of the data center houses 122,000 sq ft of raised floor and provides 18.2MW of power. The entire phase is leased.