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 dg.prospectus_requests@baml.com; 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 cmclientsupport@wellsfargo.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 barclaysprospectus@broadridge.com; 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 prospectus@morganstanley.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.
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, 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.
Investor Contact:
Hudson Pacific Properties, Inc.
Mark
Lammas
Chief Financial Officer
(310) 445-5700
or
Investor
/ Media Contact:
Addo Communications, Inc.
Lasse
Glassen
(310) 829-5400
lasseg@addocommunications.com
| Hudson Pacific Properties, Inc. | View hpp Stock Quote | |||
| Hudson Pacific Properties, Inc. | View hpp Stock Quote | |||
| Start Premium Trial | Register For Free |
| P | F | Fund Financial Data (13,000+ funds) |
| P | F | Stock Financial Data (7,000+ stocks) |
| P | F | Stock and Fund Screeners (basic) |
| P | F | Investing Articles and Market Commentary |
| P | F | Articles Archive (>30 days) |
| P | F | Discuss (dozens of stock, fund, bond, and general bulletin boards) |
| P | F | Portfolio Manager (basic) |
| P | F | Morningstar Investment Classroom |
| P | F | Morningstar Investing Classroom Rewards (earn as you learn and redeem for Morningstar merchandise) |
| P | Morningstar Fund Analyst Reports (full research on 2,000 funds and ETFs) | |
| P | Morningstar Stock Analyst Reports (full research on 2,000 stocks) | |
| P | Morningstar Stock and Fund Stewardship Grades | |
| P | Portfolio Manager (advanced with 10 x-ray analyses, including guidance) | |
| P | Portfolio Monitor (monthly and on-demand personalized portfolio statements) | |
| P | Morningstar Proprietary Stock Information (stock star ratings, buy/sell prices, economic moat ratings, and more) | |
| P | Morningstar Stock and Fund Favorites & Red Flags eNewsletters | |
| P | Premium Stock and Fund Screeners (advanced with nearly infinite ways to find the best securities for you) | |
| P | Discounts on Morningstar newsletters, books, seminars, and more |