Published on 9/8/2022 in the Prospect News Green Finance Daily and Prospect News Investment Grade Daily.
New Issue: Hudson Pacific sells $350 million 5.95% green senior notes due 2028
By Wendy Van Sickle
Columbus, Ohio, Sept. 8 – Hudson Pacific Properties, LP priced $350 million of 5.95% senior notes due Feb. 15, 2028 (Baa2/BBB-/BBB-) on Thursday at a spread of 265 basis points over Treasuries, according to an FWP filed with the Securities and Exchange Commission.
The notes will be guaranteed by Hudson Pacific Properties, Inc.
The notes priced at 99.614 to yield 6.036%.
Wells Fargo Securities, LLC, BofA Securities, Inc., KeyBanc Capital Markets Inc., U.S. Bancorp Investments Inc. and RBC Capital Markets LLC were the bookrunners.
Proceeds will be used to finance or refinance existing eligible green projects. Pending green allocation, the company will use the offering to repay amounts outstanding under the company’s revolver and/or other debt.
Hudson Pacific is a Los Angeles-based real estate investment trust focused on office and media and entertainment properties in California.
| Issuer: | Hudson Pacific Properties, LP
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| Guarantor: | Hudson Pacific Properties, Inc.
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| Amount: | $350 million
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| Issue: | Senior notes
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| Maturity: | Feb. 15, 2028
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| Bookrunners: | Wells Fargo Securities, LLC, BofA Securities, Inc., KeyBanc Capital Markets Inc., U.S. Bancorp Investments Inc. and RBC Capital Markets LLC
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| Senior co-managers: | Barclays, Fifth Third Securities Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, BMO Capital Markets Corp. and Regions Securities LLC
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| Co-managers: | Samuel A. Ramirez & Co. Inc. and Siebert Williams Shank & Co., LLC
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| Trustee: | U.S. Bank Trust Co., NA
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| Counsel to issuer: | Latham & Watkins LLP and Venable LLP
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| Counsel to underwriters: | Hogan Lovells US LLP
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| Coupon: | 5.95%
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| Price: | 99.614
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| Yield: | 6.036%
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| Spread: | Treasuries plus 265 bps
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| Call: | Make-whole call at Treasuries plus 30 bps until Jan. 15, 2028, then a par call
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| Trade date: | Sept. 8
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| Settlement date: | Sept. 15
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| Ratings: | Moody’s: Baa2
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| S&P: BBB-
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| Fitch: BBB-
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| Distribution: | SEC registered
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| Cusip: | 44409MAD8
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