Company: CMDB
Filing Date: 2025-04-07
Form Type: 20FR12B/A
Source: 0001140361-25-012461
Chunk: 203

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-04-07
Form: 20FR12B/A
Chunk 203
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 $85.0 million of outstanding related party loans. As of December 31, 2024, we had Cash and cash equivalents of $49.9 million, Restricted cash of $10.2 million and Margin deposits relating to our forward freight agreements, bunker swaps and EUA futures of $45.2 million. As of December 31, 2024, we had outstanding bank loan indebtedness of $336.3 million, net of deferred financing costs of $3.0 million and $85.0 million of related party loans (to be read in conjunction with “Item 17. Financial Statements—Note 18. Subsequent Events”). Prior to the consummation of the Restructuring Transactions, Costamare Inc. will prepay $150 million of our bank debt. Prior to the consummation of the distribution, the $85.0 million of related party loans outstanding as of December 31, 2024 will be fully forgiven. As of March 13, 2025, our owned fleet consisted of 38 dry bulk vessels (including one vessel that we have agreed to sell). Our common stock dividend policy will impact our future liquidity needs. See “Item 8. Financial Information—8.A. Predecessor Combined Carve- Out Financial Statements and Other Financial Information—Common Stock Dividend Policy”.

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We continually examine our options with respect to terms and sources of existing and future short-term and long-term capital resources to enhance our operating results and to ensure that we retain financial flexibility. Working Capital Position As of December 31, 2024, on a predecessor combined carve-out basis, our current assets totaled $240.0 million while current liabilities, including the current portion of our long-term debt and related party loans and the current portion of our operating leases and right-of-use-assets totaled $420.7 million, resulting in a negative working capital position of $180.7 million. We anticipate that following Costamare Inc.’s contribution of $100 million in cash, prepayment of $150 million of our outstanding bank debt and forgiveness of $85.0 million of outstanding related party loans, the internally generated cash flow, along with the cash and cash equivalents amount of not less than $100 million following completion of the spin-off and the Restructuring Transactions, will be sufficient to make the required principal and interest payments on our indebtedness, make payments for capital expenditures and provide for the normal working capital requirements of the businesses for a period of at least