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Hudson Pacific Properties, 8.375% Series B Cumulative Redeem Preferred Shares
Ticker Symbol: HPP-B* CUSIP: 444097208 Exchange: NYSE
* NOTE: This security is no longer trading as of 12/10/2015
Security has been Called for: Thursday, December 10, 2015
11/9/2015 -- Hudson Pacific Properties, Inc. today announced that it intends to redeem all 5,800,000 issued and outstanding shares of its 8.375% Series B Cumulative Redeemable Preferred Stock (the “Series B Preferred Stock”) (CUSIP:444097208). Series B Preferred Stock held through the Depository Trust Company will be redeemed in accordance with the applicable procedures of the Depository Trust Company. The redemption date will be December 10, 2015. The Series B Preferred Stock will be redeemed at a redemption price of $25.00 per share, plus all accrued and unpaid dividends to, but not including, the redemption date in an amount equal to $0.401302 per share, for a total payment of $25.401302 per share, which will be payable in cash, without interest on the redemption date. After the redemption date, Series B Preferred Stock will no longer be deemed outstanding and all of the rights of the holders of Series B Preferred Stock will terminate, except the right to receive the redemption price, plus any accrued and unpaid dividends payable on the redemption date, without interest. Furthermore, because all of the issued and outstanding shares of Series B Preferred Stock are being redeemed, trading of the Series B Preferred Stock on the New York Stock Exchange (“NYSE”) will cease after the redemption date. The Series B Preferred Stock currently trades on the NYSE under the symbol “HPP.PRB”. The notice of redemption and related materials are being mailed to holders of record of Series B Preferred Stock as of November 9, 2015. As specified in the notice of redemption, payment of the applicable redemption price, plus any accrued and unpaid dividends payable on the redemption date, without interest, will be made only upon presentation and surrender of the certificates representing the Series B Preferred Stock to the redemption agent, Computershare Inc. Questions regarding the redemption of the Series B Preferred Stock, or the procedures therefore, may be directed to Computershare Inc. at:
Computershare Inc.
Attention: Corporate Actions Department
250 Royall Street
Canton, Massachusetts 02021
Tel.: 1-855-396-2084
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Hudson Pacific Properties, 8.375% Series B Cumulative Redeemable Preferred Shares, liquidation preference $25 per share, redeemable at the issuer's option on or after 12/10/2015 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 8.375% ($2.09375) per annum are paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on the record date fixed by the board, not more than 30 days prior to the payment date (NOTE: the ex-dividend date is at least 2 business days prior to the record date). If, folowing a change in control, the preferred shares are no longer listed on the NYSE, the AMEX or the Nasdaq exchanges and are also not subject to SEC reporting requirements, the dividend rate will be increased to 12.375% per annum and the security may be redeemed anytime at the company's option. Dividends paid by preferreds issued by REITs are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. In regard to the payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (HPP)
IPO - 12/8/2010 - 3.20 Million Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: HPPNP Changed: 12/14/2010
Market Value $80.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 11601 Wilshire Boulevard, Suite 1600, Los Angeles, CA 90025 |
| Main Phone Number |
310-445-5700 |
| Fax Number |
310-445-5710 |
| Investor Contact (CFO)
Mark Lammas
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310-445-5700
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Toll Free Phone Number |
Unknown |
| CEO - Victor J. Coleman |
CFO - Mark T. Lammas |
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