Hudson Pacific to repay loan with proceeds of preferred stock sale

By Tali David

Minneapolis, Jan. 18 - Hudson Pacific Properties, Inc. plans to contribute the net proceeds from an offering of 8.375% series B cumulative redeemable preferred stock to its operating partnership in exchange for series B preferred units, and its operating partnership will use the net proceeds to repay debt under its secured revolving credit facility, according to a 424B5 filing with the Securities and Exchange Commission.

The company's credit facility matures on June 29, 2013 and bears interest at Libor plus 250 basis points to 325 bps, depending on its leverage ratio.

Hudson Pacific is a Los Angeles owner and operator of office, media and entertainment real estate.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.