Costamare Inc. Announces Pricing of its Public Offering of C
Costamare Inc. Announces Pricing of its Public Offering of Common StockFriday,
23 March 2012 | 11:00
Costamare Inc. announced yesterday that its offering of 7,500,000 shares of its common stock was priced at $14.10 per share. The gross proceeds from the offering before the underwriting discount and other offering expenses are expected to be approximately $105,750,000. Members of the Konstantakopoulos family, who in the aggregate own a majority of the common stock of the Company, have agreed to purchase 750,000 shares in the offering. The Company has also granted the underwriters a 30-day option to purchase up to an additional 1,125,000 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 and BofA Merrill Lynch are acting as joint book-running managers of the offering, which is being made under an effective shelf registration statement.
The offering is expected to close on or about March 27, 2012.