VANCOUVER, Dec. 4, 2014 /PRNewswire/ -- City Office REIT,
Inc. (NYSE: CIO) (the "Company"), announced today the pricing of
its underwritten public offering of 3,750,000 shares of its common
stock at a public offering price of $12.50 per share for total gross proceeds of
$46,875,000.
The offering is expected to close on December 10, 2014, subject to the satisfaction of
customary closing conditions. The Company has granted the
underwriters a 30-day option to purchase up to an additional
562,500 shares of common stock to cover over-allotments, if
any.
The Company intends to use the net proceeds from the offering to
repay certain indebtedness secured by its properties and for
general working capital purposes, including payment of expenses
associated with this offering, future acquisitions and creating
reserves for capital expenditures, tenant improvements and leasing
commissions.
Janney Montgomery Scott LLC, Wunderlich Securities, Inc. and
Oppenheimer & Co. Inc. are joint book-running managers for the
offering. Compass Point Research & Trading, LLC and
D.A. Davidson & Co. are
co-managers for the offering.
The offering of these securities is being made only by means of
a prospectus. Copies of the prospectus can be obtained from: Janney
Montgomery Scott LLC, Attention: Equity Capital Markets Group, 60
State Street, 35th Floor, Boston, MA 02109, or by email
at prospectus@janney.com, Wunderlich Securities, Inc.,
Attention: Equity Syndicate, 6000 Poplar Avenue, Suite
150, Memphis, TN 38119, or by email
at syndicate@wundernet.com, or Oppenheimer & Co. Inc.,
Attention: Syndicate Prospectus Department, 85 Broad Street, 26th
Floor, New York, NY 10004, or by telephone at (212)
667-8563 or email at EquityProspectus@opco.com.
A registration statement relating to these securities has been
filed with and declared effective by the U.S. Securities and
Exchange Commission on December 4,
2014. This press release shall not constitute an offer to
sell or a solicitation of an offer to buy, nor shall there be any
sale of, or any solicitation of an offer to buy, these securities
in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction.
About City Office REIT, Inc.
City Office REIT, Inc. is a real estate company focused on
owning high-quality office properties in attractive markets
primarily in the Southern and Western United States. City
Office REIT currently owns or has an interest in 2.3 million square
feet of office properties. The Company intends to elect to be
taxed as a real estate investment trust (REIT) for U.S. federal
income tax purposes.
Forward-Looking Statements
This press release contains "forward looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995 and other federal
securities laws. These forward looking statements include
statements with regard to the closing of the underwritten public
offering, the anticipated use of the net proceeds and the exercise
of the underwriter's over-allotment option. No assurance can be
given that the offering discussed above will be completed on the
terms described, or at all, that the net proceeds of the offering
will be used as indicated or that the underwriters' over-allotment
option will be exercised. Completion of the securities offering on
the terms described, the application of net proceeds and exercise
of the over-allotment option are subject to numerous conditions,
many of which are beyond the control of the Company. Investors
should not place undue reliance upon forward looking statements.
For further discussion of the factors that could affect outcomes,
please refer to the "Risk Factors" section of the Company's
registration statement and preliminary prospectus for the Company's
offering as well as the other SEC filings of the Company, which
discuss some of the important risk factors identified that may
affect these factors and the Company's business, results of
operations and financial condition. The Company undertakes no
obligation to update these statements for revisions or changes
after the date of this release, except as required by law.
Contact
City Office REIT, Inc.
Anthony Maretic
+1-604-806-3366
investorrelations@cityofficereit.com
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SOURCE City Office REIT, Inc.