Hudson Pacific Properties Announces Primary Offering of Common Stock to Fund Repurchase of Common Units & Secondary Offering ...
January 04 2017 - 4:57PM
Business Wire
Hudson Pacific Properties, Inc. (“Hudson Pacific” or the
“Company”) (NYSE: HPP) today announced an underwritten public
offering of 18,673,808 shares of its common stock pursuant to an
effective shelf registration statement previously filed with the
Securities and Exchange Commission (the “SEC”), consisting of
8,881,575 shares offered by the Company, 8,626,311 shares offered
by certain entities affiliated with The Blackstone Group L.P.
(collectively, “Blackstone”) and 1,165,922 shares offered by
certain funds affiliated with Farallon Capital Management, L.L.C.
(collectively, the “Farallon Funds”).
Hudson Pacific intends to use the net proceeds that it receives
from this offering, after deducting estimated underwriting
discounts, but before estimated offering expenses payable by the
Company, to acquire an aggregate of 8,598,480 common units of
limited partnership interest in its operating partnership, Hudson
Pacific Properties, L.P. (the “Operating Partnership”), from
Blackstone and 283,095 common units of limited partnership interest
in the Operating Partnership from the Farallon Funds. After the
offering, Blackstone and the Farallon Funds will no longer hold any
ownership interests in the Company or the Operating
Partnership.
Hudson Pacific will not receive any of the proceeds from the
sale of the shares of common stock in this offering by Blackstone
and the Farallon Funds.
BofA Merrill Lynch and Wells Fargo Securities are acting as
joint bookrunners for the offering. A copy of the preliminary
prospectus supplement and accompanying prospectus relating to these
securities can be obtained by contacting: Merrill Lynch, Pierce,
Fenner & Smith Incorporated, NC1-004-03-43, 200 North College
Street, 3rd floor, Charlotte NC 28255-0001 Attn: Prospectus
Department, or by emailing dg.prospectus_requests@baml.com or Wells
Fargo Securities, Attention: Equity Syndicate Department, 375 Park
Avenue, New York, New York, 10152, at (800) 326-5897 or email 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 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 nearly 18
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, as
amended by the Form 10-K/A filed with the SEC on December 23, 2016,
and other risks described in documents subsequently filed by the
Company from time to time with the SEC.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170104006486/en/
Investor/Media Contacts:Hudson Pacific
PropertiesLaura CampbellVice President, Head of Investor
Relations310.622.1702lcampbell@hudsonppi.comorBlue Marlin
PartnersGreg Berardi415.239.7826greg@bluemarlinpartners.com
Hudson Pacific Properties (NYSE:HPP)
Historical Stock Chart
From Mar 2024 to Apr 2024
Hudson Pacific Properties (NYSE:HPP)
Historical Stock Chart
From Apr 2023 to Apr 2024