Costamare announces pricing of its 8.75% Series D preferred stock
Costamare Inc. (the “Company”) (NYSE: CMRE) on May 6 announced that its offering of 4,000,000 shares of its 8.75% Series D Cumulative Redeemable Perpetual Preferred Stock, par value $0.0001 per share, liquidation preference $25.00 per share (the “Series D Preferred Stock”), was priced at $25.00 per share. The Company has also granted the underwriters a 30-day option to purchase up to an additional 600,000 shares of the Series D Preferred Stock. Dividends will be payable on the Series D Preferred Stock at a rate of 8.75% per annum of the stated liquidation preference. Following the offering, the Company intends to file an application to list the Series D 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 $100,000,000. The Company plans to use the net proceeds of the offering for general corporate purposes, including making vessel acquisitions or investments.
Morgan Stanley & Co. LLC, UBS Securities LLC, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Stifel 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 May 13, 2015.
Costamare Inc. is a leading international owner of containerships. With a fleet of vessels ranging from about 1,000 TEUs to about 9,500 TEUs capacity, Costamare Inc. serves ocean carriers that demand a high standard of safety and reliability and are, in most cases, among the world's largest liner companies. Costamare Inc. and its predecessors draw on a history of more than 37 years in transportation of goods by sea, with more than 27 years of these in container transportation.
