Hudson Pacific Properties slides on $600 mln equity raise

Hudson Pacific Properties' HPP.N shares down 9.3% to $2.25 before the bell after equity raise news

Los Angeles-based office real estate investment trust early Thurs said sold ~269 mln shares, including ~71.9 mln pre-funded warrants for $600 mln gross raise

Offering price of $2.23 represents 10.1% discount to stock's last close

Cohen & Steers Capital Management indicated to buy up to $300 mln of the offering shares, per the SEC prospectus filing

The REIT plans to use net proceeds to repay borrowings under its revolver, repay other debt and for general purposes

With ~141.5 mln shares outstanding, HPP has about $350 mln market cap

BofA, Wells Fargo and RBC are lead joint-bookrunners for the offering

Through Weds close, HPP shares down 18% YTD and have roughly halved over the past 12 months

Of 11 analysts covering HPP, recommendation breakdown is 3 "strong buy" or "buy", 7 "hold" and 1 "sell"; median PT is $2.50 - latest LSEG data