VANCOUVER, March 19, 2018 /PRNewswire/ -- City Office
REIT, Inc. (NYSE: CIO) ("City Office" or the "Company") announced
today that it has replaced its existing secured revolving credit
facility with a new unsecured revolving credit facility (the
"Unsecured Credit Facility"). The Unsecured Credit Facility
increases the Company's borrowing capacity to $250 million and contains an accordion feature
allowing for potential borrowing capacity of up to $500 million, subject to certain terms and
conditions.
The Unsecured Credit Facility has a maturity date of
March 2022 and provides for one
twelve-month extension option. Borrowings under the Unsecured
Credit Facility bear interest on the outstanding principal at LIBOR
plus 1.40% to 2.25% depending on total leverage.
The Unsecured Credit Facility was led by KeyBank National
Association as Administrative Agent and was arranged by KeyBanc
Capital Markets Inc. The other lenders included Raymond James Bank, N.A., Royal Bank of
Canada, BMO Harris Bank N.A. and
Fifth Third Bank.
"We are pleased to be making a significant step forward in terms
of the Company's capital flexibility and liquidity," said
Tony Maretic, the Company's Chief
Financial Officer. "The new facility allows us to more
efficiently pursue our growth opportunities, reduce our borrowing
costs and strengthen our balance sheet. We greatly appreciate
the continued support from our expanding banking
relationships."
About City Office REIT, Inc.
City Office REIT is an internally-managed real estate company
focused on acquiring, owning and operating high-quality office
properties located in leading markets in the Southern and Western
United States. City Office currently owns or has an interest
in 4.6 million square feet of office properties. 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. These factors include, but are not limited to,
the Company's ability to acquire additional properties on the terms
and timing it expects, if at all, and the Company's projected cost
of capital. These and other material risks are described in the
Company's Annual Report on Form 10-K for the year ended
December 31, 2017 and any other
documents filed by the Company from time to time, which are
available from the Company and from the SEC, and you should read
and understand these risks when evaluating any forward-looking
statement. The Company does not have any obligation to publicly
update any forward-looking statements to reflect subsequent events
or circumstances.
Contact
City Office REIT, Inc.
Anthony Maretic, CFO
+1-604-806-3366
investorrelations@cityofficereit.com
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SOURCE City Office REIT, Inc.