Hudson Pacific Properties Announces Expiration and Tender Results of Cash Tender Offer for Outstanding Notes
Key Highlights
- ➤$537.853 million of notes tendered, exceeding the $200 million maximum
- ➤$100 million each of 2027 and 2028 notes accepted for purchase
- ➤2027 notes received 35.1% proration and $980 per $1,000
- ➤2028 notes received 39.9% proration and $991.25 per $1,000
- ➤Tender settlement funded with $95 million cash and $105 million revolver borrowings
Hudson Pacific Properties Announces Expiration and Tender Results of Cash Tender Offer for Outstanding Notes
Hudson Pacific Properties, Inc. (NYSE: HPP) (“Hudson Pacific”) today announced the tender results of the previously announced tender offer (the “Tender Offer”) by its operating partnership, Hudson Pacific Properties, L.P. (the “Company”), to purchase for cash up to a combined aggregate principal amount of $200,000,000 (the “Aggregate Maximum Tender Offer Amount”) of the Company’s outstanding 3.950% Senior Notes due 2027 (the “2027 Notes”) and 5.950% Senior Notes due 2028 (the “2028 Notes” and together with the 2027 Notes, the “Notes” and each a “Series” of Notes) as shown in the table below, subject to the Allocation Procedures, including the Proration Factor (each as defined in the Offer to Purchase referred to below). The Company offered to purchase $100,000,000 aggregate principal amount of each Series of Notes (the “Target Allocation”). CUSIP Title of Aggregate Target Principal Principal Approximate Tender Offer
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