Costamare to Raise USD 115 Mn in Public Offering

Image Courtesy: Costamare

Greece-based containership owner Costamare is looking to collect USD 115 million from a share offering to finance possible vessel acquisitions.

The offering of 4,600,000 shares of 8.875% Series E preferred stock was priced at USD 25.00 per share. The company has also granted the underwriters a 30-day option to purchase up to an additional 686,000 shares.

Costamare informed that the gross proceeds from the offering, in the amount of USD 115 million, assuming the underwriters do not exercise their option, would be used for general corporate purposes, which may include vessel acquisitions or investments and repayments of indebtedness.

Members of the Konstantakopoulos family, who in the aggregate own a majority of the common stock of the company, have agreed to buy USD 7.5 million of shares at the public offering price.

Following the offering, Costamare intends to file an application to list the Series E preferred stock on the New York Stock Exchange.

The offering, which is subject to customary closing conditions, is expected to close on or about January 30, 2018.

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