DuPont Fabros Technology announced it completed a new five-year $115 million secured term loan with a syndicate of lenders led by KeyBanc Capital Markets. The loan, secured by the company’s ACC3 data center located in Ashburn, VA, has a floating rate of LIBOR plus 1.85%, is pre-payable without penalty and matures on March 27th, 2018.

The company used the proceeds along with cash-on-hand to repay an existing secured loan on the company’s ACC5 and ACC6 data center facilities that had an outstanding balance of $138.3 million, a floating rate of LIBOR plus 3.00% and was scheduled to mature in December 2014.

The terms of the new loan require a minimum debt service coverage ratio of 1.50 to 1.00. Other financial covenants are the same as those under the company’s existing $225 million unsecured credit facility, including total indebtedness of not more than 60% of gross asset value and a minimum fixed charge coverage ratio of 1.70 to 1.00.

“We are pleased to have completed a new secured loan while picking up 115 basis points on the loan rate, extending the maturity while expanding our unencumbered asset pool,” stated Mark L. Wetzel, chief financial officer and treasurer of DuPont Fabros Technology.

Washington, DC-based DuPont Fabros Technology is a leading owner, developer, operator and manager of enterprise-class, carrier-neutral, large multi-tenanted wholesale data centers.