VANCOUVER, March 30, 2016 /PRNewswire/ -- City Office
REIT, Inc. (NYSE: CIO) (the "Company"), announced today the pricing
of its underwritten public offering of 7,000,000 shares of its
common stock at a public offering price of $11.40 per share for total gross proceeds of
$79.8 million.
The offering is expected to close on April 5, 2016, subject to the satisfaction of
customary closing conditions. The Company has granted the
underwriters a 30-day option to purchase up to an additional
1,050,000 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.
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., D.A. Davidson & Co. and Compass Point
Research & Trading, LLC 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.