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Hudson Pacific Properties Announces Expiration and Tender Results of Cash Tender Offer for Outstanding Notes

HPP
  • Hudson Pacific Properties announced the expiration of its tender offer to purchase up to $200 million of its 3.950% Senior Notes due 2027 and 5.950% Senior Notes due 2028.
  • The tender offer expired on October 9, 2026, with both note series receiving valid tenders totaling $537,853,000, exceeding the maximum purchase amount.
  • The company will accept exactly $100,000,000 of the 2027 Notes and $100,000,000 of the 2028 Notes for purchase.
  • Accepted 2027 Notes are subject to a proration factor of approximately 35.1% based on the $285,155,000 tendered.
  • Accepted 2028 Notes are subject to a proration factor of approximately 39.9% based on the $252,698,000 tendered.
  • The tender consideration is set at $980.00 per $1,000 principal amount for the 2027 Notes and $991.25 per $1,000 principal amount for the 2028 Notes.
  • Settlement including accrued interest is scheduled for October 14, 2026, funded by $95 million in cash on hand and $105 million in borrowings from the unsecured revolving credit facility.
  • Cash on hand includes proceeds from recent sales of 2001 Gateway in San Jose, 875 & 899 Howard in San Francisco, and Quixote operations.
  • Hudson Pacific intends to repay a portion of the credit facility borrowings after settlement using proceeds from the anticipated sale of Skyport Plaza in San Jose.
  • Any notes tendered but not accepted will be returned promptly to registered holders via The Depository Trust Company.