VANCOUVER, March 28, 2016 /PRNewswire/ -- City Office
REIT, Inc. (NYSE: CIO) (the "Company"), announced today that it has
commenced an underwritten public offering of 8,000,000 shares of
its common stock. The Company expects to grant the underwriters a
30-day option to purchase up to an additional 1,200,000 shares of
common stock.
The Company intends to use the net proceeds from the offering to
repay certain indebtedness and for general working capital
purposes, including future acquisitions, creating reserves for
capital expenditures, tenant improvements and leasing
commissions. In addition, the Company expects to offer to
acquire approximately 1,000,000 shares of the Company's common
stock and common units from the Second City Group for cash at a
price per common unit or share of common stock equal to the public
offering price per share in this offering less underwriting
discounts and commissions. Completion of the offering is subject to
customary closing conditions.
Deutsche Bank Securities is acting as the sole book-running
manager for the offering. Janney Montgomery Scott LLC, Wunderlich
Securities, Inc., Oppenheimer & Co. Inc., and D.A. Davidson & Co. are acting as joint-lead
managers for the offering.
The offering may be made only by means of a prospectus
supplement and accompanying prospectus. Copies of the
prospectus and the prospectus supplement relating to the offering,
when available, may be obtained by contacting Deutsche Bank
Securities Inc., Attention: Prospectus Group, 60 Wall Street,
New York, NY 10005-2836, by
calling (800) 503-4611, or by emailing prospectus.cpdg@db.com.
A registration statement relating to these securities has been
filed with and declared effective by the U.S. Securities and
Exchange Commission on May 18, 2015.
This press release is for informational purposes only and 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 is an internally-managed real estate company
focused on owning high-quality office properties in attractive
markets primarily in the Southern and Western United States.
The Company has elected to be taxed as a real estate investment
trust 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. All statements that are not statements of
historical facts are, or may be deemed to be, forward looking
statements. Forward looking statements reflect our current
expectations concerning future results, objectives, plans and
goals, and involve known and unknown risks, uncertainties and other
factors that are difficult to predict and which may cause future
results, performance or achievements to differ. These risks,
uncertainties and other factors include factors described in our
news releases and filings with the Securities and Exchange
Commission, including our Annual Report on Form 10-K for the year
ended December 31, 2015, which has
been filed with the Securities and Exchange Commission.
Readers of this press release are cautioned to consider these risks
and uncertainties and not to place undue reliance on any
forward-looking statements. The Company does not undertake
any obligation to publicly update any forward-looking statement,
whether written or oral, relating to matters discussed in this
press release, except as may be required by applicable securities
laws.
Contact
City Office REIT, Inc.
Anthony Maretic, CFO
+1-604-806-3366
investorrelations@cityofficereit.com
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SOURCE City Office REIT, Inc.