Containership Owner Costamare Announces a New Preferred Offering

Large containership owner Costamare (NYSE:CMRE) has announced a new preferred stock offering.

Preliminary offering information can be found here.

The company currently has 3 outstanding issues of preferred stock with coupons of 7.625%, 8.5% and 8.75% which are trading at $24.25, $25.38 and $25.70 respectively.

Pricing and OTC Temp ticker have not been announced as of now.

This issue may be a reasonable issue for those willing to incur a bit more risk, although a quick review of Costamare finances shows they are relatively profitable and have only 1 new build ship on order.  New build commitments are typically a negative in our eyes because the commitments require large cash payments and long lead times which means about the time the ships are delivered the global economy may tank.

We will post the pricing and ticker information when it is announced.

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