Hudson Pacific Properties Announces Pricing of Public Offering of $350.0 Million Aggregate Principal Amount of Senior Notes Due 2028
08 September 2022 - 11:00PM
Business Wire
Hudson Pacific Properties, Inc. (“Hudson Pacific” or the
“Company”) (NYSE: HPP), a unique provider of end-to-end
real estate solutions for dynamic tech and media tenants in global
epicenters for these synergistic, converging and secular growth
industries, today announced that its operating partnership, Hudson
Pacific Properties, L.P. (the “Operating Partnership”), has priced
an underwritten public offering of $350.0 million aggregate
principal amount of 5.950% senior notes due 2028. The notes will be
senior unsecured obligations of the Operating Partnership and will
be fully and unconditionally guaranteed by the Company. The notes
were issued at 99.614% of par value, with a coupon of 5.950% and
will mature on February 15, 2028. The offering is expected to close
on September 15, 2022, subject to customary closing conditions.
The Operating Partnership intends to allocate an amount equal to
the net proceeds to finance and/or refinance, in whole or in part,
new or existing Eligible Green Projects in the following
categories: green buildings, renewable energy, energy efficiency
and/or clean transportation. Pending the allocation of an amount
equal to the net proceeds from this offering to Eligible Green
Projects, the Operating Partnership intends to use the net proceeds
from this offering to repay amounts outstanding from time to time
under its revolving credit facility (including amounts borrowed to
finance the initial consideration for the acquisition of Quixote
Studios) and/or other indebtedness.
The offering of the notes will be made under an effective shelf
registration statement filed with the Securities and Exchange
Commission (the “SEC”) and only by means of a prospectus and
prospectus supplement. The preliminary prospectus supplement and
accompanying prospectus relating to the offering have been filed
with the SEC and are available by visiting the EDGAR database on
the SEC’s website at www.sec.gov.
Wells Fargo Securities, LLC, BofA Securities, Inc., KeyBanc
Capital Markets Inc., U.S. Bancorp Investments, Inc. and RBC
Capital Markets, LLC are acting as joint bookrunning managers for
the offering. Barclays Capital Inc., Fifth Third Securities, Inc.,
Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, BMO
Capital Markets Corp. and Regions Securities LLC are acting as
senior co-managers for the offering. Samuel A. Ramirez &
Company, Inc. and Siebert Williams Shank & Co., LLC are acting
as co-managers for the offering. A copy of the preliminary
prospectus supplement, final prospectus supplement (when
available), and the accompanying prospectus relating to the
offering of the notes may be obtained by contacting:
Wells Fargo Securities, LLC 608 2nd Avenue South, Suite 1000
Minneapolis, MN 55402 Attention: WFS Customer Service Toll-free:
1-800-645-3751 Email: wfscustomerservice@wellsfargo.com
BofA Securities, Inc. NC1-004-03-43 200 North College Street,
3rd Floor Charlotte, NC 28255-0001 Attention: Prospectus Department
Toll-free: 1-800-294-1322 Email:
dg.prospectus_requests@bofa.com
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the notes or any other securities,
nor shall there be any offer, solicitation or sale of the notes or
any other securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
About Hudson Pacific Properties Hudson Pacific (NYSE:
HPP) is a real estate investment trust serving dynamic tech and
media tenants in global epicenters for these synergistic,
converging and secular growth industries. Hudson Pacific’s unique
and high-barrier tech and media focus leverages a full-service,
end-to-end value creation platform forged through deep strategic
relationships and niche expertise across identifying, acquiring,
transforming and developing properties into world-class amenitized,
collaborative and sustainable office and studio space.
Forward-Looking Statements This press release may contain
forward-looking statements within the meaning of the federal
securities laws. Forward-looking statements relate to expectations,
beliefs, projections, future plans and strategies, anticipated
events or trends and similar expressions concerning matters that
are not historical facts. In some cases, you can identify
forward-looking statements by the use of forward-looking
terminology such as "may," "will," "should," "expects," "intends,"
"plans," "anticipates," "believes," "estimates," "predicts," or
"potential" or the negative of these words and phrases or similar
words or phrases that are predictions of or indicate future events,
or trends and that do not relate solely to historical matters.
Forward-looking statements involve known and unknown risks,
uncertainties, assumptions and contingencies, many of which are
beyond the Company's control that may cause actual results to
differ significantly from those expressed in any forward-looking
statement. All forward-looking statements reflect the Company's
good faith beliefs, assumptions and expectations, but they are not
guarantees of future performance. Furthermore, the Company
disclaims any obligation to publicly update or revise any
forward-looking statement to reflect changes in underlying
assumptions or factors, new information, data or methods, future
events or other changes. For a further discussion of these and
other factors that could cause the Company's future results to
differ materially from any forward-looking statements, see the
section entitled "Risk Factors" in the Company's Annual Report on
Form 10-K for the year ended December 31, 2021 filed with the
Securities and Exchange Commission, or SEC, and other risks
described in documents subsequently filed by the Company from time
to time with the SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20220908006110/en/
Investor Contact Laura Campbell Executive Vice President,
Investor Relations & Marketing (310) 622-1702
lcampbell@hudsonppi.com Media Contact Laura Murray Senior
Director, Communications (310) 622-1781 lmurray@hudsonppi.com
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