Costamare bought three ship-owning companies for 85.6 million euros

Most of the funds raised from the recent issue of the € 100 million bond loan have already been utilized by Costamare.

According to relevant information from the company to the Athens Stock Exchange, the certification of the payment of the raised funds was made by the Board of Directors of the Company on 25.05.2021.

The raised funds were deposited and will remain deposited in the Company’s bank accounts in US dollars until their full disbursement.

According to the commitments made in the relevant Prospectus approved by the Hellenic Capital Market Commission and the decision of the Company’s Board of Directors dated 03.06.2021, it is announced that the funds raised amount to one hundred million euros (€ 100,000,000), minus the amount of three million one hundred thousand euros (€ 3,100,000), which concerns issue costs, were allocated by 02.06.2021 as follows:

– For the purchase of shares of the ship-owning companies Adele Shipping Co., Bastian Shipping Co., and Cadence Shipping Co, 85.6 million euros were allocated, exactly as the prospectus provided.

– For purchases of shares of ship owning companies or ships of Costamare Inc. or third parties, a valuation of EUR 9.8 million is foreseen, which has not yet been allocated.

– The 1.5 million euros to cover working capital needs have also not been allocated .

So, in total, out of the 96.9 million euros of the bond, which were for investment, 85.6 million euros have been allocated so far and another 11.3 million euros remain available.