Costamare Inc. (the “Company”) (NYSE:CMRE) announced today that its
offering of 4,600,000 shares of its 8.875% Series E Cumulative
Redeemable Perpetual Preferred Stock, par value $0.0001 per share,
liquidation preference $25.00 per share (the “Series E Preferred
Stock”), was priced at $25.00 per share. Members of the
Konstantakopoulos family, who in the aggregate own a majority of
the common stock of the Company, have agreed to purchase
approximately $7,500,000 of our Series E Preferred Stock in this
offering at the public offering price. The Company has also granted
the underwriters a 30-day option to purchase up to an additional
686,000 shares of the Series E Preferred Stock. Dividends will be
payable on the Series E Preferred Stock at a rate of 8.875% per
annum of the stated liquidation preference. Following the offering,
the Company intends to file an application to list the Series E
Preferred Stock on the New York Stock Exchange.
The gross proceeds from the offering, assuming
the underwriters do not exercise their option, before the
underwriting discount and other offering expenses are expected to
be $115,000,000. The Company plans to use the net proceeds of the
offering for general corporate purposes, which may include vessel
acquisitions or investments and repayments of indebtedness.
Morgan Stanley & Co. LLC, UBS Securities
LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC,
Stifel, Nicolaus & Company, Incorporated and Credit Suisse
Securities (USA) LLC are acting as joint book-running managers of
the offering, which will be made under an effective shelf
registration statement.
The offering is expected to close on or about
January 30, 2018.
The offering is being made only by means of a
prospectus supplement and accompanying prospectus. When available,
the prospectus supplement and accompanying prospectus relating to
the offering may be obtained from Morgan Stanley & Co. LLC,
Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New
York, NY 10014, telephone: (866) 718-1649, email:
prospectus@morganstanley.com, UBS Securities LLC, Attention:
Prospectus Department, 1285 Avenue of the Americas, New York, NY
10019, telephone: (888) 827-7275, Citigroup Global Markets Inc.,
c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, telephone: (800) 831-9146, email:
prospectus@citi.com, J.P. Morgan Securities LLC, Attention:
Investment Grade Syndicate Desk, 383 Madison Avenue, New York, NY
10179, telephone: (212) 834-4533, Stifel, Nicolaus & Company,
Incorporated, Attention: Syndicate Department, 1 South Street, 15th
Floor, Baltimore, MD 21202, email: syndprospectus@stifel.com,
telephone: (855) 300-7136 and Credit Suisse Securities (USA) LLC,
One Madison Avenue, New York, NY 10010, Attn: Prospectus
Department, email: newyork.prospectus@credit-suisse.com, telephone:
(800) 221-1037.
The offering is subject to customary closing
conditions.
This release does not constitute an offer to
sell, or the solicitation of an offer to buy, nor shall there be
any sale of these securities in any jurisdiction in which such
offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction.
About Costamare Inc.
Costamare Inc. is one of the world’s leading
owners and providers of containerships for charter. The Company has
44 years of history in the international shipping industry and a
fleet of 71 containerships, with a total capacity of approximately
466,000 TEU, including one newbuild containership on order.
Eighteen of the Company’s containerships, including one newbuild,
have been acquired pursuant to the Framework Deed with York Capital
Management by vessel-owning joint venture entities in which we hold
a minority equity interest. The Company’s common stock, Series B
Preferred Stock, Series C Preferred Stock and Series D Preferred
Stock trade on the New York Stock Exchange under the symbols
“CMRE”, “CMRE PR B”, “CMRE PR C” and “CMRE PR D”, respectively.
Forward-Looking Statements
This press release contains “forward-looking
statements”. In some cases, you can identify these statements by
forward-looking words such as “believe”, “intend”, “anticipate”,
“estimate”, “project”, “forecast”, “plan”, “potential”, “may”,
“should”, “could” and “expect” and similar expressions. These
statements are not historical facts but instead represent only the
Company’s belief regarding future results, many of which, by their
nature, are inherently uncertain and outside of the Company’s
control. It is possible that actual results may differ, possibly
materially, from those anticipated in these forward-looking
statements. For a discussion of some of the risks and important
factors that could affect future results, see the discussion in the
Company’s Annual Report on Form 20-F (File No. 001-34934) under the
caption “Risk Factors”.
Company Contacts:Gregory Zikos - Chief
Financial OfficerKonstantinos Tsakalidis - Business Development
Costamare Inc., MonacoTel: (+377) 93 25 09 40Email:
ir@costamare.com
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