ContainersEuropeFinance and Insurance

Costamare share sale to fund vessel spree

Container shipping company Costamare is setting about offering 11m new shares. Members of the Konstantakopoulos family, who in the aggregate own a majority of the common stock of the company, have indicated their intention to purchase approximately $10m of shares in the offering. In connection with the offering, the company intends to grant the underwriters a 30-day option to purchase up to 1,650,000 additional shares of its common stock.

The company plans to use the net proceeds of the offering for capital expenditures, including vessel acquisitions, and for other general corporate purposes, which may include repayments of indebtedness.

Morgan Stanley, Wells Fargo Securities, J.P. Morgan, Citigroup and Barclays are acting as joint book-running managers of the offering, which will be made under an effective shelf registration statement.

Tags

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
Back to top button
Close
Close