DuPont Fabros, one of the largest wholesale data center colocation providers in US, is raising new capital by selling stock, potentially worth more than $260 million, and by increasing its credit facility, to complete construction of two US data centers.

The provider said in a news release it will use all net proceeds from the sale of 11 million shares of common stock, announced Tuesday, and its new credit facility of $85 million, to finish construction of the first phase of a data center in Santa Clara, Calif., (SC1) and to finance construction of the entire first phase of its future data center in Ashburn, Va., (ACC6).

Phase one of the DuPont Fabros ACC5 facility in Ashburn, Va., is completely full and most of phase two (still being completed) is mostly pre-sold

"We are pleased to have closed on the new credit facility," company CFO and Treasurer Mark Wetzel said in a statement about new credit capacity, also announced on Tuesday.

"The new facility provides us additional capital capacity to our balance sheet providing the financial flexibility for the future growth of the company."

At market close on Tuesday, DuPont Fabros stock was valued at about $24 per share, making value of the entire underwritten offering announced this week approximately $264 million as of Tuesday.

The offering is managed by KeyBanc Capital Markets, Raymond James, Macquarie Capital, RBC Capital Markets and Jefferies and Company.

The underwriters will potentially have the option of buying up to 1.65 million shares in addition to the original 11 million to compensate for overallotments.

The company's new unsecured revolving credit facility replaces old secured facility that was terminated in December 2009.

The $85 million facility is expandable by another $15 million if a lender chooses to make the commitment.

DuPont Fabros is seeing a boom in demand in Virginia, with most of the space sold in the first six data centers it has there.

The first phase of its newest active Virginia data center in Ashburn (ACC5) is completely full and the second phase - which does not come online until the year's last quarter - is about 90 percent pre-sold.

The company currently has six data centers in Virginia and one in Elk Grove Village, Ill., a Chicago suburb.