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.