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Costamare lines up MLP offering

Costamare lines up MLP offering
Containership owner Costamare is lining up a Master Limited Partnership (MLP), which will own four vessels.

The shipowner has filed a registration statement for Costamare Partners LP and a stock offering is planned, however, the number of units and pricing are yet to be determined. Costamare will apply to list the units on the New York Stock Exchange.

“The proceeds from the offering are expected to be used principally to reduce indebtedness and for general partnership purposes, with the remainder to be distributed to the company,” Costamare said.

The MLP will have an initial fleet of four containerships and remain majority owned by Costamare as a consolidated subsidiary.