Costamare Inc. Announces Closing of $500 Million Syndicated Loan Facility
May 26 2022 - 6:37AM
Costamare Inc. (NYSE: CMRE) announces the closing of a 5-year
syndicated loan facility for an amount of up to $500 million.
Proceeds from the loan will be used to refinance the existing
indebtedness of 17 containerships with an average age of 14 years
and for general corporate purposes. The original maturity of the
existing indebtedness for 16 out of 17 vessels would have occurred
prior to the maturity of the new syndicated facility.
The facility was significantly oversubscribed.
Full drawdown of the facility is expected to be concluded by the
end of Q2 2022.
Management Commentary
Gregory Zikos, Chief Financial Officer of the
Company said:
“We are pleased with the conclusion of the new
syndicated loan facility, which allows us to proactively refinance
16 ships at competitive terms. The new facility reduces
significantly our cost of funding, while the expected net cash
inflow after repayment of the current debt obligations is about
$200 million.
The loan was oversubscribed by 12 leading US,
European and Asian financial institutions, most of them
representing new financing relations.”
About Costamare Inc.
Costamare Inc. is one of the world’s leading
owners and providers of containerships for charter. The Company has
48 years of history in the international shipping industry and a
fleet of 76 containerships in the water, with a total capacity of
approximately 557,000 TEU (including five vessels that we have
agreed to sell) and 46 dry bulk vessels with a total capacity of
approximately 2,493,500 DWT (including one vessel that we have
agreed to sell). Four of our containerships have been acquired
pursuant to the Framework Deed with York by vessel-owning joint
venture companies 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 beliefs 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 2021 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,
Investor Relations
Costamare Inc., MonacoTel: (+377) 93 25 09 40Email:
ir@costamare.com
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