Deal includes 30-day greenshoe for 870,000 additional shares
By Marisa Wong
Madison, Wis., April 15 - City Office REIT, Inc. priced an initial public offering of 5.8 million shares of its common stock at $12.50 per share for total proceeds of $72.5 million, according to a press release.
City Office has granted the underwriters a 30-day over-allotment option to purchase up to 870,000 additional shares at the initial public offering price.
Janney Montgomery Scott LLC, Wunderlich Securities, Inc. and Oppenheimer & Co. Inc. are joint bookrunners for the offering.
The company's common stock is expected to begin trading Tuesday on the New York Stock Exchange under the symbol "CIO."
The offering is expected to close on April 21.
Proceeds will be used to acquire interests in the company's initial properties, to repay indebtedness secured by the initial properties and for general working capital purposes.
The Vancouver, B.C., real estate company owns office properties located in metropolitan areas in the southern and western United States.
| Issuer: | City Office REIT, Inc.
|
| Issue: | Common shares
|
| Amount: | $72.5 million
|
| Shares: | 5.8 million
|
| Greenshoe: | 30-day option for 870,000 additional shares
|
| Price: | $12.50
|
| Warrants: | No
|
| Bookrunners: | Janney Montgomery Scott LLC, Wunderlich Securities, Inc. and Oppenheimer & Co. Inc.
|
| Pricing date: | April 14
|
| Settlement date: | April 21
|
| Stock symbol: | NYSE: CIO
|
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