City Office REIT Announces Pricing of Public Offering of Common Stock
October 02 2019 - 9:32PM
Business Wire
City Office REIT, Inc. (NYSE: CIO) (the “Company” or “City
Office”) announced today that it has priced an underwritten public
offering of 6,000,000 shares of its common stock for total gross
proceeds of $83.1 million, before offering expenses.
The offering is expected to close on October 7, 2019, subject to
the satisfaction of customary closing conditions. The Company has
granted the underwriters a 30-day option to purchase up to an
additional 900,000 shares of common stock.
Including the issuance of 8,000,000 shares pursuant to the
Company’s at-the-market (“ATM”) program during the third quarter,
the Company expects that 53,647,063 shares of common stock will be
outstanding immediately following this offering, excluding the
underwriters’ option to purchase additional shares.
The Company intends to use the net proceeds from the offering
for the repayment of amounts outstanding under its unsecured credit
facility and for general working capital purposes, including
funding future acquisitions, capital expenditures and
investments.
BMO Capital Markets, Raymond James and RBC Capital Markets are
acting as the book-running managers for the offering. The
book-running managers may offer the shares from time to time in
negotiated transactions or otherwise at market prices prevailing at
the time of sale, at prices related to prevailing market prices or
at negotiated prices.
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:
- BMO Capital Markets Corp., Attention: Equity Syndicate
Department, 3 Times Square, 25th Floor, New York, New York 10036,
by calling 800-414-3627 or by emailing BMOProspectus@bmo.com;
- Raymond James & Associates, Inc., Attention: Equity
Syndicate, 880 Carillon Parkway, St. Petersburg, FL 33716, by
calling 800-248-8863 or by emailing: prospectus@raymondjames.com;
or
- RBC Capital Markets, LLC, Attention: Equity Capital Markets,
200 Vesey Street, 8th Floor, New York, New York 10281, by calling
877-822-4089 or by emailing equityprospectus@rbccm.com
A registration statement relating to these securities has been
filed with and declared effective by the U.S. Securities and
Exchange Commission on June 12, 2017. 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 acquiring, owning and operating high-quality office
properties located in leading 18-hour cities in the Southern and
Western United States. City Office currently owns or has a
controlling interest in 5.9 million square feet of office
properties. Additional information about City Office is available
on the Company’s website at www.cityofficereit.com. 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 the Company’s
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 the
Company’s news releases and filings with the Securities and
Exchange Commission, including the Company’s Annual Report on Form
10-K for the year ended December 31, 2018 and subsequent Quarterly
Reports on Form 10-Q, which have 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20191002005904/en/
City Office REIT, Inc. Anthony Maretic, CFO +1-604-806-3366
investorrelations@cityofficereit.com
City Office REIT (NYSE:CIO)
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