Costamare Inc. Announces Pricing of its 8.50% Series C Preferred Stock
ATHENS, Greece -- January 13, 2014
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
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
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: email@example.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
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”,
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”.
Costamare Inc., Athens, Greece
Gregory G. Zikos - Chief Financial Officer
Konstantinos Tsakalidis - Business Development
Tel: (+30) 210-949-0000
Allison + Partners, New York
Telephone: (+1) 646-428-0638
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