Hudson Pacific Properties (HPP) Prices 2M Series B Preferred Offering

Hudson Pacific Properties, Inc. (NYSE: HPP) has priced an underwritten public offering of 2,000,000 shares of its 8.375% Series B Cumulative Preferred Stock with a liquidation preference of $25.00 per share. Dividends for the Series B Preferred Stock will be cumulative and payable quarterly on or about the last calendar day of each March, June, September and December, commencing on or about March 31, 2012, at the rate of 8.375% per annum of its liquidation preference, which is equivalent to $2.09375 per annum per share. The offering is expected to close on January 23, 2012, subject to customary closing conditions. The underwriters have been granted a 30-day option to purchase up to an additional 300,000 shares of Series B Preferred Stock to cover overallotments, if any.

The Company estimates that the net proceeds from this offering, after deducting underwriting discounts, will be approximately $48.8 million, or $56.1 million if the underwriters’ overallotment option is exercised in full (in either case, before other closing costs and expenses). The Company intends to use the net proceeds of the offering to repay indebtedness outstanding under its secured revolving credit facility.

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