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City Office REIT launches 4 million-common-share public offering

City Office REIT Inc. is selling 4.0 million common shares in an underwritten public offering.

The company expects to grant a 30-day option to the underwriters to acquire up to 600,000 additional shares.

Based on the company's closing stock price of $13.15 per share on Dec. 18, gross proceeds, including the additional-share option, are expected to total about $60.5 million.

City Office plans to use the net proceeds for the repayment of amounts outstanding under its secured credit facility and for general working capital purposes.

Raymond James and RBC Capital Markets are the book-running managers, with D.A. Davidson & Co., B. Riley FBR, Janney Montgomery Scott and Compass Point serving as co-lead managers for the offering.