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Hudson Pacific Properties increases revolver to $600M

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Hudson Pacific Properties increases revolver to $600M

Hudson Pacific Properties Inc.'s operating partnership amended its existing revolving credit facility to boost the borrowing amount to $600 million and extend the term to March 13, 2022.

The amended agreement also provides for a $300 million term loan A due April 1, 2020; a $350 million term loan B due April 1, 2022; a $75 million term loan C due Nov. 17, 2020; and a $125 million term loan D due Nov. 17, 2022.

The primarily office real estate investment trust said Hudson Pacific Properties LP has conditional options to extend the revolver for one year and/or the term loan A for two one-year periods.

The revolver proceeds will be applied toward paying property predevelopment and development costs; paying transaction fees; and for acquisitions, CapEx, debt repayment and general working capital. The term loan proceeds were used to refinance the outstanding term loans, according to a filing.

Wells Fargo Bank NA was the administrative agent, while Wells Fargo Securities LLC and Merrill Lynch Pierce Fenner and Smith Inc. are the active lead arrangers and joint book runners. U.S. Bank NA and KeyBanc Capital Markets Inc. were the joint lead arrangers, and Bank of America NA was the syndication agent. KeyBanc Capital Markets Inc., U.S. Bank, Goldman Sachs Bank USA, Morgan Stanley Bank NA, Barclays Bank PLC, Royal Bank of Canada and Fifth Third were the documentation agents.