VANCOUVER, July 17, 2015 /PRNewswire/ -- City Office
REIT, Inc. (NYSE: CIO) ("City Office" or the "Company"), announced
today that it has closed on an amendment and joinder to its amended
and restated unsecured revolving line of credit (as amended, the
"facility"). The extended and expanded facility has an
authorized limit of $75 million with
a maturity date of June 26, 2018, and
a one year extension at the Company's option upon meeting certain
conditions. The facility has an accordion feature that allows
for further increases in the size of the facility to as much as
$150 million, subject to additional
lender commitments and other conditions. Interest on the
facility is based on a 2.25% spread above LIBOR or a base rate
spread, in each case depending upon the Company's corporate
leverage ratio.
KeyBank National Association is acting as the Lead Arranger and
Book Runner under the facility. In addition, BMO Harris Bank,
N.A. and the Royal Bank of Canada
are acting as participant lenders.
About City Office REIT, Inc.
City Office REIT is a real estate company focused on acquiring,
owning and operating high-quality (Class A and B) office properties
located in attractive target markets primarily in the Southern and
Western United States. City Office REIT currently owns or has
an interest in 2.7 million square feet of office properties.
Additional information about City Office REIT is available on the
company's website at www.cityofficereit.com. The Company
intends to elect to be taxed as a real estate investment trust for
U.S. federal income tax purposes.
Contact
City Office REIT, Inc.
Anthony Maretic, CFO
+1-604-806-3366
investorrelations@cityofficereit.com
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SOURCE City Office REIT, Inc.