Costamare Inc. Announces Pricing of its 7.625% Series B Preferred Stock
31 July 2013 - 8:32AM
Business Wire
Costamare Inc. (the “Company”) (NYSE: CMRE) announced today that
its offering of 2,000,000 shares of its 7.625% Series B Cumulative
Redeemable Perpetual Preferred Stock, par value $0.0001 per share,
liquidation preference $25.00 per share (the “Series B Preferred
Stock”), was priced at $25.00 per share. The gross proceeds from
the offering before the underwriting discount and other offering
expenses are expected to be $50,000,000. The Company has also
granted the underwriters a 30-day option to purchase up to an
additional 300,000 shares of the Series B Preferred Stock.
Dividends will be payable on the Series B Preferred Stock at a rate
of 7.625% per annum of the stated liquidation preference. Following
the offering, the Company intends to file an application to list
the Series B Preferred Stock on the New York Stock Exchange.
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, Merrill Lynch, Pierce, Fenner
& Smith 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 August 6,
2013.
The offering is being made only by means of a prospectus
supplement and accompanying base prospectus. A preliminary
prospectus supplement and accompanying base prospectus relating to
the offering has been filed with the Securities and Exchange
Commission (“SEC”) and is available at the SEC’s website at
http://www.sec.gov. When available, the final prospectus supplement
and accompanying base prospectus relating to the offering may be
obtained from Morgan Stanley & Co. LLC, 180 Varick Street, 2nd
Floor, New York, NY 10014, Attn: Prospectus Department, email:
prospectus@morganstanley.com, Merrill Lynch, Pierce, Fenner &
Smith Incorporated, 222 Broadway, New York, NY 10038, Attn:
Prospectus Department, email: dg.prospectus_requests@baml.com or
Credit Suisse Securities (USA) LLC, One Madison Avenue, New York,
NY 10010, Attn: Prospectus Department, telephone:
1-800-221-1037.
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 38 years
of history in the international shipping industry and at July 24,
2013 operated a fleet of 59 containerships, with a total capacity
of approximately 336,400 TEU, including six newbuild containerships
on order and three vessels acquired pursuant to the Framework
Agreement with York Capital Management. In addition, jointly-owned
entities under the Framework Agreement have recently contracted for
two additional newbuilds. The Company’s common stock trades on the
New York Stock Exchange under the symbol “CMRE”.
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”.
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