Costamare Inc. Announces the Conclusion of its Refinancing Programme
23 June 2020 - 10:00PM
Costamare Inc. (NYSE:CMRE), announced today the execution of two
new loan agreements for an aggregate amount of $140 million, which
brings the refinancing program initiated at the beginning of the
year to a successful conclusion. Since January, the Company has
entered into new financing transactions of over $435 million and
has extended debt maturities of about $240 million.
Management Commentary
Gregory Zikos, Chief Financial Officer of the
Company said:
“The latest transactions form part of our
strategy of proactively managing our balance sheet and liquidity
position, ensuring a smooth debt repayment profile. As a result of
the latest financing arrangements we have no meaningful debt
maturities until 2024.”
About Costamare Inc.
Costamare Inc. is one of the world's leading
owners and providers of containerships for charter. The Company has
46 years of history in the international shipping industry and a
fleet of 75 containerships, with a total capacity of approximately
538,000 TEU, including five newbuild containerships currently under
construction. Ten of our containerships, 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, Series D Preferred Stock and
Series E Preferred Stock trade on the New York Stock Exchange under
the symbols “CMRE”, “CMRE PR B”, “CMRE PR C”, “CMRE PR D” and “CMRE
PR E”, 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” and the Company’s Results for the First
Quarter ended March 31, 2020 on Form 6-K (filed on May 11, 2020
with the SEC) under the caption “Risk Factor Update”.
Company Contacts:Gregory Zikos
- Chief Financial OfficerKonstantinos Tsakalidis - Business
Development, Investor Relations
Costamare Inc., MonacoTel: (+377) 93 25 09
40Email: ir@costamare.com
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