PreferredStockChannel
Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Thu, December 2, 11:02 AM
| This Slide: #451 of 573 |
Slide #451. Costamare — Preferred Stock Offering
Company:
Costamare (NYSE:CMRE)
Date announced:
7/29/2013
Shares Offered:
2,000,000
Date of Pricing:
7/30/2013
Price Per Share:
$25
Preferred Stock Offering Details:
Costamare Inc. (the "Company") (NYSE:CMRE) announced today that it plans to offer its Series B Cumulative Redeemable Perpetual Preferred Stock, par value $0.0001 per share, liquidation preference $25.00 per share (the "Series B Preferred Stock") to the public. In connection with the offering, the Company intends to grant the underwriters a 30-day option to purchase additional shares of the Series B Preferred Stock. Following the offering, the Company intends to file an application to list the Series B Preferred Stock on the New York Stock Exchange. --updated 7/31 - Costamare Inc. (the "Company") (NYSE:CMRE">CMRE) announced today that its offering of 2,000,000 shares of its 7.625% Series B Cumulative Redeemable Perpetual Preferred Stock, par value $0.0001 per share, liquidation preference $25.00 per share (the "Series B 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 $50,000,000. The Company has also granted the underwriters a 30-day option to purchase up to an additional 300,000 shares of the Series B Preferred Stock. Dividends will be payable on the Series B Preferred Stock at a rate of 7.625% per annum of the stated liquidation preference. Following the offering, the Company intends to file an application to list the Series B 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.
Costamare is a holding company. Through its subsidiaries, Co. is an international owner of containerships, chartering its vessels to liner companies. Co.'s containerships have low unscheduled off-hire days, with fleet utilization levels, excluding scheduled dry dockings. Co.'s vessels are managed by Costamare Shipping Company S.A. (Costamare Shipping) which is controlled by Co.'s chairman and chief executive officer. Costamare Shipping may subcontract certain services to other affiliated managers, or to V.Ships Greece Ltd. or, subject to Co.'s consent, to other third party sub-managers.
Preferreds: CMRE.PRB, CMRE.PRC, CMRE.PRD, CMRE.PRE
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Strong Buy (4.00 out of 4) 94th percentile
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