Business & Finance
Business and Finance
Business and Finance
Thu, April 28, 2011 Hudson Pacific Properties, Inc. Announces Pricing of Public Offering of Common Stock
LOS ANGELES--([ BUSINESS WIRE ])--Hudson Pacific Properties, Inc. (the aCompanya) (NYSE: HPP) today announced the pricing of an underwritten public offering of 6,950,000shares of common stock pursuant to a registration statement filed with the Securities and Exchange Commission at a public offering price of $14.62 per share. The offering is expected to close on May 3, 2011 and is subject to customary closing conditions. The underwriters have been granted a 30-day option to purchase up to an additional 1,042,500 shares at the public offering price to cover overallotments, if any.The offering will generate net proceeds, after deducting underwriting discounts and commissions (before other transaction costs), of approximately $96.5 million, or $111.0 million if the underwriters exercise their option to purchase additional shares in full.
The Company intends to use the net proceeds from the offering to repay indebtedness under its secured revolving credit facility, to fund future acquisitions, including potentially the acquisition of the remaining 49% interest in the Rincon Center property that the Company does not currently own, and for general working capital purposes.
BofA Merrill Lynch, Barclays Capital, Morgan Stanley and Wells Fargo Securities are the joint book-running managers for the offering. The co-manager of the offering is KeyBanc Capital Markets.
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 BofA Merrill Lynch, 4 World Financial Center, New York, New York 10080, Attn: Prospectus Department or email [ dg.prospectus_requests@baml.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 ]; Morgan Stanley, Attention: Prospectus Department, 180 Varick Street, New York, New York 10014, or by calling (866) 718-1649, or by email at[ prospectus@morganstanley.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 ].
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. The Companya™s portfolio consists of 13 properties totaling approximately 4.0 million square feet.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 ended December 31, 2010. Hudson Pacific Properties is 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 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 the Companya™s Annual Report on Form 10-K for the year ended December 31, 2010 filed with the Securities and Exchange Commission on March 24, 2011, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission.
