Hudson Pacific Properties said Monday it has launched a cash tender offer for up to $200 million of its outstanding senior notes, evenly split between two bond issues due in 2027 and 2028.
The company is targeting $100 million of its 3.950% senior notes due 2027, of which $400 million is outstanding, and $100 million of its 5.950% senior notes due 2028, of which $350 million is outstanding.
It offered to buy the 2027 notes at $980.00 per $1,000 principal amount and the 2028 notes at $991.25 per $1,000 principal amount, excluding accrued interest.
The tender offer expires Oct. 9, 2026, at 5:00 p.m. New York time, with settlement expected Oct. 14, 2026. Hudson Pacific said it intends to fund the repurchase with cash on hand and/or borrowings under its unsecured revolving credit facility.
If both note series receive tenders of less than $100 million, the company will buy all notes tendered in each series. If one series is oversubscribed and the other is not, and total tenders exceed $200 million, the undersubscribed series will be taken in full and the oversubscribed series will be prorated. If both series are oversubscribed, each will be purchased on a pro rata basis up to the $100 million target for each series.
Hudson Pacific said it may increase or decrease the overall maximum tender amount, but only with a corresponding change in the target allocation for each series. The market has reacted to these announcements by moving the company's shares 0.53% to a price of $11.48. For more information, read the company's full 8-K submission here.
