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Hudson Pacific Properties Announces Pricing of Public Offering of $350 Million Aggregate Principal Amount of Senior Notes Due 2029

HPP | February 20, 2019

Hudson Pacific Properties Announces Pricing of Public Offering of $350 Million Aggregate Principal Amount of Senior Notes Due 2029

Hudson Pacific Properties, Inc. (“Hudson Pacific” or the “Company”) (NYSE: HPP) announced today that its operating partnership, Hudson Pacific Properties, L.P. (the “Operating Partnership”), has priced an underwritten public offering of $350 million aggregate principal amount of 4.650% senior notes due 2029. 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 98.663% of par value, with a coupon of 4.650% and will mature on April 1, 2029.

The offering is expected to close on February 27, 2019, subject to the satisfaction of customary closing conditions.

The Operating Partnership intends to use the net proceeds to repay all or a portion of its outstanding borrowings under its revolving credit facility, to repay all or a portion of its $75 million 5-year term loan due November 2020 and/or for other general corporate purposes.

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.

Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Securities, LLC, U.S. Bancorp Investments, Inc., Barclays Capital Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are acting as joint book running managers for the offering. KeyBanc Capital Markets Inc., Fifth Third Securities, Inc., RBC Capital Markets LLC and BMO Capital Markets Corp. are acting as senior co-managers for the offering. Regions Securities LLC, BB&T Capital Markets, a division of BB&T Securities, LLC, and Samuel A. Ramirez & Company, Inc. 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:

Merrill Lynch, Pierce, Fenner & Smith Incorporated
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@baml.com

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

U.S. Bancorp Investments, Inc.
214 N. Tryon Street, 26th Floor
Charlotte, NC 28202
Attention: High Grade Syndicate
Toll-free: 1-877-558-2607

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 Properties is a real estate investment trust that owns and operates more than 17 million square feet of office and studio properties. Focused on premier West Coast epicenters of innovation, media and technology, its anchor tenants include Fortune 500 and leading growth companies such as Netflix, Google, Square, Uber, NFL Enterprises and more. Hudson Pacific is publicly traded on the NYSE under the symbol HPP, and listed as 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, 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, 2018 filed with the SEC on February 19, 2019, and other risks described in documents subsequently filed by the Company from time to time with the SEC.