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Hudson Pacific Properties, Inc. (the “Company”) (NYSE: HPP) today announced the pricing of an underwritten public offering of 8,000,000 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 $21.50 per share. The offering is expected to close on February 12, 2013 and is subject to customary closing conditions. The underwriters have been granted a 30-day option to purchase up to an additional 1,200,000 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 $165.1 million, or $189.9 million if the underwriters exercise their option to purchase additional shares in full.
The Company intends to contribute the net proceeds from this offering to its operating partnership, which will subsequently use the net proceeds to fund development or redevelopment activities, fund potential acquisition opportunities, repay borrowings outstanding under its unsecured revolving credit facility and for general corporate purposes.
BofA Merrill Lynch, Wells Fargo Securities, Barclays and Morgan Stanley are the joint book-running managers for the offering. KeyBanc Capital Markets and BMO Capital Markets are the lead managers for the offering.
A copy of the prospectus supplement and accompanying prospectus relating to these securities can be obtained by contacting BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attn: Prospectus Department or email firstname.lastname@example.org; or 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 email@example.com; 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 firstname.lastname@example.org; or Morgan Stanley, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, or by calling (866) 718-1649, or by email at email@example.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. The Company’s strategic investment program targets high barrier-to-entry, in-fill locations with favorable, long-term supply-demand characteristics. These markets include Los Angeles, Orange County, San Diego, San Francisco, Silicon Valley and the East Bay.
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, 2011 filed with the Securities and Exchange Commission on March 14, 2012, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission.