Business & Finance
Business and Finance
Business and Finance
Wed, December 8, 2010 Hudson Pacific Properties, Inc. Announces Pricing of Series B Cumulative Redeemable Preferred Stock Offering
LOS ANGELES--([ BUSINESS WIRE ])--Hudson Pacific Properties, Inc. (the aCompanya) (NYSE: HPP) today announced the pricing of an underwritten public offering of 3,200,000 shares of its 8.375% Series B Cumulative Preferred Stock with a liquidation preference of $25.00 per share. Dividends for the Series B Preferred Stock will be cumulative from the date of original issuance and payable quarterly on or about the last calendar day of each March, June, September and December, commencing on or about December31, 2010, at the rate of 8.375% per annum of its liquidation preference, which is equivalent to $2.09375 per annum per share. The offering is expected to close on or about December10, 2010, subject to customary closing conditions. The underwriters have been granted a 30-day option to purchase up to an additional 400,000 shares of Series B Preferred Stock to cover overallotments, if any.
The Company estimates that the net proceeds from this offering, after deducting underwriting discounts, commissions and estimated offering expenses, will be approximately $76.4 million or $86.1 million if the underwritersa™ overallotment option is exercised in full. The Company intends to use the net proceeds of the offering to repay indebtedness under its secured revolving credit facility, to fund future acquisitions, and for general working capital purposes.
Wells Fargo Securities, BofA Merrill Lynch, Barclays Capital and Morgan Stanley are acting as book-running managers for the offering.
A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. A copy of the final prospectus related to the offering will be filed with the Securities and Exchange Commission and can be obtained, when available, by contacting Wells Fargo Securities, LLC, Attn: Syndicate Operations, 1525 West W.T. Harris Blvd., Charlotte, N.C. 28262, by calling 800-326-5897 or by e-mail at[ prospectus.specialrequests@wachovia.com ]; BofA Merrill Lynch, Attention: Prospectus Department, 4 World Financial Center, New York, New York 10080, or by email at [ prospectus.requests@ml.com ]; Barclays Capital, 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, New York, New York 10014, 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 of the offered shares, nor shall there be any sale of such shares 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. This offering is being made solely by means of a prospectus.
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 Companya™s strategic investment program targets high barrier-to-entry, in-fill locations with favorable, long-term supply-demand characteristics in select target markets including Los Angeles, Orange County, San Diego, San Francisco, Silicon Valley and the East Bay. Its portfolio includes 10 owned properties and one property under contract, the 10950 Washington property, totaling approximately 2.4 million square feet, strategically located in many of the Companya™s target markets. The Company intends to elect to be taxed and to operate in a manner that will allow it to qualify as a real estate investment trust, or REIT, for federal income tax purposes, commencing with the taxable year ending December 31, 2010.
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 amay,a awill,a ashould,a aexpects,a aintends,a aplans,a aanticipates,a abelieves,a aestimates,a apredicts,a or apotentiala 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 Companya™s control, that may cause actual results to differ significantly from those expressed in any forward-looking statement. All forward-looking statements reflect the Companya™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 Companya™s future results to differ materially from any forward-looking statements, see the section entitled aRisk Factorsa in the Companya™s final prospectus relating to this offering, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission.
