Costamare aims to raise $115m for vessel investments

Costamare aims to raise $115m for vessel investments

Athens: NYSE-listed Costamare aims to raise up to $115m through an issue of 4m shares of its 8.75% Series D cumulative redeemable perpetual preferred stock, which have been priced at $25 per share.

The company’s underwriters have a 30-day option to purchase up to an additional 600,000 shares of the stock, which Costamare intends to list on the New York Stock Exchange.

Costamare says it plans to use the net proceeds of the offering for vessel acquisitions or investments and for general corporate purposes.

Morgan Stanley & Co, UBS Securities, Credit Suisse Securities (USA), J.P. Morgan Securities and Stifel are acting as joint book-running managers.

The offering is expected to close on or about May 13.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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