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”.
Copyright Business Wire 2014