Company: HPP
Filing Date: 2025-03-31
Form Type: 8-K
Source: 0001482512-25-000032
Chunk: 1

Company: Hudson Pacific Properties, Inc.
Filing Date: 2025-03-31
Form: 8-K
Item: Item 2.03
Chunk 1
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Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

On March 28, 2025, certain wholly owned subsidiaries (each a “ Borrower” and, collectively, the “ Borrowers”) of the Operating Partnership entered into a loan agreement (the “ Loan Agreement”) with Goldman Sachs Bank USA, Morgan Stanley Bank, N. A. and Wells Fargo Bank, N. A., collectively, as lender (collectively, the “ Lender”), secured by six office properties for total gross proceeds of $475 million (the “ Loan”). The Loan portfolio includes 11601 Wilshire, Element LA, 450 Alaskan, 5th& Bell, 275 Brannan and 1740 Technology and is structured as a commercial mortgage-backed securities (“ CMBS”) financing. The Loan has a five-year term (consisting of a two-year initial term plus three one-year extension options) at an interest rate of 376 basis points over one-month term SOFR.

The Company used the net proceeds of the Loan to fully repay a $168 million loan secured by Element LA and the balance to repay amounts outstanding on the Company’s unsecured revolving credit facility.

The Loan Agreement contains customary affirmative and negative covenants, agreements, representations, warranties and borrowing conditions, reserve requirements and events of default. In addition, and pursuant to the terms of the limited recourse guaranty dated March 28, 2025 (the “ Guaranty”) for the benefit of the Lender, the Operating Company serves as a non-recourse guarantor with respect to the Loan.

The above summary of the Loan Agreement and Guaranty does not purport to be complete and is qualified in its entirety by reference to the full text of the Loan Agreement and Guaranty, copies of which are attached as Exhibit 10.1 and 10.2, respectively, to this Current Report on Form 8-K and incorporated herein by reference.

Item 7.01 Regulation FD Disclosure