Published on 2/20/2019 in the Prospect News Investment Grade Daily.
New Issue: Hudson Pacific prices $350 million 4.65% 10-year notes at 217 bps over Treasuries
By Cristal Cody
Tupelo, Miss., Feb. 20 – Hudson Pacific Properties, LP sold $350 million of 4.65% 10-year senior notes (Baa3/BBB-/BBB-) at a spread of 217 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission on Wednesday.
The notes priced at 98.663 to yield 4.818%.
BofA Merrill Lynch, Wells Fargo Securities LLC, U.S. Bancorp Investments Inc., Barclays, Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC were the bookrunners.
The notes are guaranteed by Hudson Pacific Properties, Inc.
Proceeds will be used to repay all or a portion of the company’s borrowings under its revolving credit facility, to repay all or a portion of its $75 million five-year term loan due November 2020 and for other general corporate purposes.
Hudson Pacific is a Los Angeles-based real estate investment trust focused on office, media and entertainment properties in California.
| Issuer: | Hudson Pacific Properties, LP
|
| Guarantor: | Hudson Pacific Properties, Inc.
|
| Amount: | $350 million
|
| Description: | Senior notes
|
| Maturity: | April 1, 2029
|
| Bookrunners: | BofA Merrill Lynch, Wells Fargo Securities LLC, U.S. Bancorp Investments Inc., Barclays, Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC
|
| Senior co-managers: | KeyBanc Capital Markets Inc., Fifth Third Securities, Inc., RBC Capital Markets, LLC and BMO Capital Markets Corp.
|
| Co-managers: | Regions Securities LLC, BB&T Capital Markets and Samuel A. Ramirez & Co., Inc.
|
| Coupon: | 4.65%
|
| Price: | 98.663
|
| Yield: | 4.818%
|
| Spread: | Treasuries plus 217 bps
|
| Call features: | Make-whole call at Treasuries plus 35 bps before Jan. 1, 2029; thereafter at par
|
| Trade date: | Feb. 20
|
| Settlement date: | Feb. 27
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | SEC registered
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