Costamare Announces Pricing of its 8.875% Series E Preferred Stock


Costamare announced that its offering of 4,600,000 shares of its 8.875% Series E Cumulative Redeemable Perpetual Preferred Stock, par value $0.0001 per share, liquidation preference $25.00 per share, was priced at $25.00 per share.

Members of the Konstantakopoulos family, who in the aggregate own a majority of the common stock of the Company, have agreed to purchase approximately $7,500,000 of our Series E Preferred Stock in this offering at the public offering price. The Company has also granted the underwriters a 30-day option to purchase up to an additional 686,000 shares of the Series E Preferred Stock. Dividends will be payable on the Series E Preferred Stock at a rate of 8.875% per annum of the stated liquidation preference. Following the offering, the Company intends to file an application to list the Series E Preferred Stock on the New York Stock Exchange.

The gross proceeds from the offering, assuming the underwriters do not exercise their option, before the underwriting discount and other offering expenses are expected to be $115,000,000. The Company plans to use the net proceeds of the offering for general corporate purposes, which may include vessel acquisitions or investments and repayments of indebtedness.

Morgan Stanley & Co. LLC, UBS Securities LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Stifel, Nicolaus & Company, Incorporated 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.

The offering is expected to close on or about January 30, 2018.



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