Costamare Inc. Announces Pricing of its 8.50% Series C Preferred Stock
January 13 2014 - 4:33PM
Business Wire
Costamare Inc. (the “Company”) (NYSE:CMRE) announced today that
its offering of 4,000,000 shares of its 8.50% Series C Cumulative
Redeemable Perpetual Preferred Stock, par value $0.0001 per share,
liquidation preference $25.00 per share (the “Series C 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 $100,000,000. The Company has also
granted the underwriters a 30-day option to purchase up to an
additional 600,000 shares of the Series C Preferred Stock.
Dividends will be payable on the Series C Preferred Stock at a rate
of 8.50% per annum of the stated liquidation preference. Following
the offering, the Company intends to file an application to list
the Series C 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, UBS Securities LLC 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. Barclays Capital Inc., Deutsche Bank
Securities Inc. and J.P. Morgan Securities LLC are acting as
co-managers.
The offering is expected to close on or about January 21,
2014.
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, UBS Securities LLC, 299 Park Avenue,
New York, NY 10171, Attn: Prospectus Specialist, telephone:
1-877-827-6444, ext. 561 3884, 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 39 years
of history in the international shipping industry and a fleet of 67
containerships, with a total capacity in excess of 438,000 TEU,
including 12 newbuild containerships on order. Twelve of our
containerships, including nine newbuilds, have been acquired
pursuant to the Framework Agreement with York Capital Management by
vessel-owning joint venture entities in which we hold a minority
equity interest. The Company’s common stock and Series B Preferred
Stock trade on the New York Stock Exchange under the symbols “CMRE”
and “CMRE PR B”, 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 Costamare’s belief
regarding future results, many of which, by their nature, are
inherently uncertain and outside of Costamare’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 Costamare Inc.’s
Annual Report on Form 20-F (File No. 001-34934) under the caption
“Risk Factors”.
Company:Costamare Inc., Athens, GreeceGregory G. Zikos -
Chief Financial OfficerKonstantinos Tsakalidis - Business
DevelopmentTel: (+30) 210-949-0000Email:
ir@costamare.comorInvestor Relations:Allison + Partners, New
YorkGus OkwuTelephone: (+1) 646-428-0638Email:
costamare@allisonpr.com
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