Hudson Pacific Properties, Inc. (“Hudson” or the “Company”) (NYSE:
HPP) today announced it has commenced an underwritten public
offering of 9,500,000 shares of common stock pursuant to an effective
registration statement filed with the Securities and Exchange
Commission. The Company intends to grant the underwriters a 30-day
option to purchase up to an additional 1,425,000 shares at the public
offering price, less the underwriting discount.
Hudson plans to contribute the net proceeds from this offering to its
operating partnership, which intends to use the net proceeds to fund a
portion of the previously announced acquisition of Equity Office
Properties’ San Francisco Peninsula and Silicon Valley portfolio and, if
such acquisition is not completed, to fund development and redevelopment
activities, potential acquisition opportunities and/or for general
corporate purposes. Pending these applications, the Company’s operating
partnership intends to use the net proceeds from this offering to
temporarily repay indebtedness outstanding from time to time under its
senior unsecured revolving credit facility.
The joint book-running managers for the offering are Wells Fargo
Securities, BofA Merrill Lynch, Goldman, Sachs & Co., Barclays, Morgan
Stanley and KeyBanc Capital Markets.
A copy of the preliminary prospectus supplement and accompanying
prospectus relating to these securities can be obtained by contacting:
Wells Fargo Securities, Attention: Equity Syndicate Department, 375 Park
Avenue, New York, New York 10152, or by calling (800) 326-5897 or
e-mailing cmclientsupport@wellsfargo.com;
BofA Merrill Lynch, 222 Broadway, New York, New York 10038, Attn:
Prospectus Department, or by emailing dg.prospectus_requests@baml.com;
or Goldman, Sachs & Co., Prospectus Department, 200 West Street, New
York, New York 10282, or by calling (866) 471-2526 or emailing prospectus-ny@gs.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be any
sale of these securities in any state or other jurisdiction in which
such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of such state or other
jurisdiction.
About Hudson Pacific Properties
Hudson Pacific Properties, Inc. is a full-service, vertically integrated
real estate company focused on owning, operating and acquiring
high-quality office properties and state-of-the-art media and
entertainment properties in select growth markets primarily in Northern
and Southern California and the Pacific Northwest. The Company’s
portfolio currently consists of approximately 6.4 million square feet,
not including undeveloped land that can support approximately another
1.9 million square feet. Hudson has elected to be taxed as a real estate
investment trust, or REIT, for federal income tax purposes, and is a
component of the Russell 2000® and the Russell 3000® indices.
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, of 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,
2013 filed with the Securities and Exchange Commission on March 3, 2014,
and other risks described in documents subsequently filed by the Company
from time to time with the Securities and Exchange Commission.
Copyright Business Wire 2015