S&P: Hudson Pacific notes BBB-

S&P said it assigned a BBB- rating to Hudson Pacific Properties LP's $400 million of inaugural senior unsecured notes.

The real estate investment trust priced its inaugural offering of 3.950% senior unsecured notes for $400 million due in 2027.

The company will use the proceeds to repay $150 million of its five-year term loan due April 2020, repay $100 million of its five-year term loan due November 2020 and use the balance to repay outstanding borrowings under its revolving credit facility, S&P said.

This transaction enhances the company's capital structure as it diversifies its sources of funding, reduces exposure to variable rate debt and extends its maturity profile, the agency said.

The transaction also marks the company's path to a more mature capital structure on the intermediate to long term as going forward the company will try to access the bond market on a recurring basis, S&P said.

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