Hudson Pacific sells $425 million; Store Capital closes placement; LTC places $100 million

By Lisa Kerner

Charlotte, N.C., Nov. 20 – Hudson Pacific Properties, LP entered into a note purchase agreement on Nov. 16 for the private placement of guaranteed senior notes totaling $425 million.

The notes will be issued as $110 million of 4.34% series A notes due Jan. 2, 2023, $259 million of 4.69% series B notes Dec. 16, 2025 and $56 million of 4.79% series C notes due Dec. 16, 2027.

The notes are expected to be issued on Dec. 16, according to an 8-K filed with the Securities and Exchange Commission.

Proceeds will be used to repay the remaining $375 million of debt outstanding under the March 31, 2015, term loan credit agreement, to repay debt under the company’s unsecured revolving credit facility and for general corporate purposes.

Store Capital Corp. closed its first private placement of $175 million of investment-grade senior unsecured notes.

The notes were sold as $75 million of 4.95% series A notes due Nov. 21, 2022 and $100 million of 5.24% series B notes due Nov. 21, 2024.

Goldman Sachs & Co. and Morgan Stanley acted as placement agents.

LTC Properties, Inc. placed $100 million of 4.26% senior notes due 2028 with affiliated insurance company investment advisory clients of AIG Asset Management (U.S.), LLC.

The company expects to use the proceeds for acquisitions, investments, to pay down its unsecured revolving line of credit and for general corporate purposes.

© 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.