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City Office REIT reaps $73M in common stock offering

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City Office REIT reaps $73M in common stock offering

City Office REIT Inc. concluded its common stock offering, raising $72.5 million in gross proceeds.

The company offered 5,750,000 common shares, including 750,000 shares issued through the full exercise of the underwriters' option, at a price to the public of $12.60 per share.

Net proceeds will be used to repay amounts outstanding under the company's secured credit facility and for general working capital purposes, including funding future acquisitions, capital expenditures and investments.

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