(RTTNews) - Hudson Pacific Properties Inc. (HPP) announced the pricing of an underwritten public offering of 197.19 million shares of its common stock and pre-funded warrants to purchase 71.86 million shares of its common stock.
The shares of common stock are being sold at a public offering price of $2.23 per share and the pre-funded warrants are being sold at a public offering price of $2.22 per warrant, which represents the per share public offering price for the common stock, less the $0.01 per share exercise price for each such pre-funded warrant.
The underwriters have been granted a 30-day option to purchase up to an additional 40.36 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 and excluding the exercise of any pre-funded warrants), of approximately $575.6 million, or $662.0 million if the underwriters exercise their option to purchase additional shares in full.
The company said it plans to contribute the net proceeds from this offering to its operating partnership, which intends to use the net proceeds to repay borrowings under its revolving credit facility, repay other indebtedness and/or for general corporate purposes.
The offering is expected to close on or about June 13, 2025.
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