Hudson Pacific Properties, Inc. (the “Company”) (NYSE: HPP) today announced the pricing of an underwritten public offering of 11,500,000
shares of common stock pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission at a public offering price of $15.00 per share. The offering is expected to close on May 18, 2012 and is subject to customary closing conditions. The underwriters have been granted a 30-day option to purchase up to an additional 1,725,000 shares at the public offering price, less the underwriting discount. The Company estimates that the net proceeds from this offering, after deducting underwriting discounts (before other transaction costs), will be approximately $166.1 million, or $190.8 million if the underwriters exercise their option to purchase additional shares in full.
The Company intends to contribute the proceeds from this offering to its operating partnership, which will subsequently use the proceeds from the offering to repay indebtedness under its secured revolving credit facility, to finance the recently announced acquisitions of 901 Market Street and the Olympic Bundy properties, and for general corporate purposes
Wells Fargo Securities, BofA Merrill Lynch, Barclays and Morgan Stanley are the joint book-running managers for the offering. The co-managers of the offering are KeyBanc Capital Markets and BMO Capital Markets.
A copy of the final 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-mail a request to
; or BofA Merrill Lynch, 4 World Financial Center, New York, New York 10080, Attn: Prospectus Department or email
; or Barclays, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by calling 1-888-603-5847, or by email at
; or Morgan Stanley, Attention: Prospectus Department, 180 Varick Street, 2
Floor, New York, New York 10014, or by calling (866) 718-1649, or by email at
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.