Hudson Pacific Properties announced the pricing of an underwritten public offering of common stock and pre-funded warrants, totaling approximately $600 million. The offering includes 197,194,698 shares of common stock at $2.23 per share and 71,863,597 pre-funded warrants at $2.22 per warrant.
The company expects to generate net proceeds of approximately $575.6 million, or $662.0 million if underwriters fully exercise their option to purchase additional shares. The offering is anticipated to close around June 13, 2025.
Cohen & Steers Capital Management, on behalf of its clients, committed a $300 million investment in the offering, representing 43% of the total. This cornerstone investment supports HPP's balance sheet recapitalization efforts.
The net proceeds are intended to repay borrowings under the company's revolving credit facility, address other indebtedness, and fund general corporate purposes. This move is crucial for reducing debt, extending maturities, and funding potential occupancy upside in its portfolio.
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