Hudson Pacific Properties Prices Public Offering Of 11 Mln Shares At $31.75/shr

(RTTNews) - Hudson Pacific Properties Inc. (HPP) announced the pricing of an underwritten public offering of 11 million shares of common stock at a public offering price of $31.75 per share.

The offering is expected to close on January 20, 2015 subject to customary closing conditions.

The underwriters have been granted a 30-day option to purchase up to an additional 1.65 million shares at the public offering price, less the underwriting discount.

The company estimates the offering will generate net proceeds, after deducting underwriting discounts (before other transaction costs), of approximately $335.3 million, or $385.6 million if the underwriters exercise their option to purchase additional shares in full.

Hudson plans to contribute the net proceeds from this offering to its operating partnership, which intends to use the net proceeds to fund a portion of the previously announced acquisition of Equity Office Properties' San Francisco Peninsula and Silicon Valley portfolio and, if such acquisition is not completed, to fund development and redevelopment activities, potential acquisition opportunities and/or for general corporate purposes. Pending these applications, the Company's operating partnership intends to use the net proceeds from this offering to temporarily repay indebtedness outstanding from time to time under its senior unsecured revolving credit facility.