Preferred Stock Offerings
By Ru Back Packer Staff, updated Sunday, January 28, 7:07 AM
Slide #292. Costamare — Preferred Stock Offering
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||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 an international owner of containerships. Co. is engaged in chartering vessels to many of the world's liner companies. As of Mar. 10, 2017, Co. has a fleet of 69 containerships with a total capacity in excess of 456,000 twenty foot equivalent units (TEUs). Co.'s strategy is to time charter its containerships to a geographically diverse, financially strong and loyal group of liner companies. Co.'s containerships operate primarily under multi-year charters and therefore are not subject to the effect of seasonal variations in demand. Some of Co.'s customers are A.P. Moller-Maersk, MSC, Evergreen, Hapag Lloyd and COSCO.
Preferreds: CMRE.PRB, CMRE.PRC, CMRE.PRD
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|Number of ETFs Holding CMRE:
||10 (see which ones)
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