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City Office REIT prices upsized public offering of common stock

City Office REIT Inc. priced its underwritten public offering of 5.0 million shares of its common stock at $12.60 per share for gross proceeds of $63.0 million.

The company originally offered to sell 4.0 million shares.

The underwriters' overallotment option was also increased to up to 750,000 additional shares of the stock from 600,000 shares.

The trust intends to use the net proceeds from the offering, which is scheduled to close Dec. 21, to repay outstanding amounts under its secured credit facility and for general corporate purposes.

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