Hudson Pacific Properties Announces Pricing of Primary Offering of Common Stock to Fund Repurchase of Common Units & Secondar...
November 21 2016 - 10:37PM
Business Wire
Hudson Pacific Properties, Inc. (“Hudson Pacific” or the
“Company”) (NYSE: HPP) today announced the pricing of an
underwritten public offering of 18,699,017 shares of its common
stock pursuant to an effective shelf registration statement
previously filed with the Securities and Exchange Commission (the
“SEC”), consisting of 17,533,099 shares offered by the Company and
1,165,918 shares offered by certain funds affiliated with Farallon
Capital Management, L.L.C. (collectively, the “Farallon
Funds”).
Hudson Pacific intends to use the approximately $572.5 million
of gross proceeds, before underwriting discounts and commissions
and estimated offering expenses payable by the Company, that it
expects to receive from this offering to acquire an aggregate of
17,250,000 common units of limited partnership interest in its
operating partnership, Hudson Pacific Properties, L.P. (the
“Operating Partnership”), from certain entities affiliated with The
Blackstone Group L.P. (collectively, “Blackstone”) and 283,099
common units of limited partnership interest in the Operating
Partnership from the Farallon Funds. Upon completion of this
offering, Blackstone and the Farallon Funds will own approximately
11.8% and 1.0% of Hudson Pacific, respectively, through their
interests in the outstanding shares of common stock of the Company
and in the common units of limited partnership interest in the
Operating Partnership, which are redeemable by the holders for cash
or, at Hudson Pacific’s election, exchangeable for shares of common
stock of the Company on a one-for-one basis.
Hudson Pacific will not receive any of the proceeds from the
sale of the shares of common stock in this offering by the Farallon
Funds.
Morgan Stanley is acting as the sole underwriter for the
offering. A copy of the prospectus supplement and accompanying
prospectus relating to these securities can be obtained, when
available, by contacting: Morgan Stanley & Co. LLC - Attn:
Prospectus Department - 180 Varick Street, 2nd Floor - New York, NY
10014.
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 is a vertically integrated real estate
company focused on acquiring, repositioning, developing and
operating high quality office and state-of-the-art media and
entertainment properties in select West Coast markets. Hudson
Pacific invests across the risk-return spectrum, favoring
opportunities where it can employ leasing, capital investment and
management expertise to create additional value. Founded in 2006 as
Hudson Capital, the company went public in 2010, electing to be
taxed as a real estate investment trust. Through the years, Hudson
Pacific has strategically assembled a portfolio totaling over 17
million square feet, including land for development, in high
growth, high-barrier-to-entry submarkets throughout Northern and
Southern California and the Pacific Northwest. The company is a
leading provider of design-forward, next-generation workspaces for
a variety of tenants, with a focus on Fortune 500 and leading
growth companies, many in the technology, media and entertainment
sectors. As a long-term owner, Hudson Pacific prioritizes tenant
satisfaction and retention, providing highly customized build-outs
and working proactively to accommodate tenants’ growth. Hudson
Pacific trades as a component of the Russell 2000® and the Russell
3000® indices. For more information visit
HudsonPacificProperties.com.
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,
which 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, 2015 filed with the SEC on February 26, 2016, and
other risks described in documents subsequently filed by the
Company from time to time with the SEC.
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version on businesswire.com: http://www.businesswire.com/news/home/20161121006284/en/
Investor/Media Contacts:Hudson Pacific
PropertiesLaura Campbell, 310.622.1702Vice President, Head of
Investor Relationslcampbell@hudsonppi.comorBlue Marlin
PartnersGreg Berardi,
415.239.7826greg@bluemarlinpartners.com
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