Company: CMRE-PC
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001140361-25-005199
Chunk: 149

Company: Costamare Inc.
Filing Date: 2025-02-20
Form: 20-F
Item: Item 5
Chunk 149
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 operate in a capital-intensive industry, which requires significant amounts of investment, and we fund a portion of this investment through long-term debt, mainly from banks or other financial institutions. We have entered into a number of credit facilities, finance leases and other financing arrangements in order to finance the acquisition of the vessels owned by our subsidiaries and for general corporate purposes. We act either as direct borrower or as guarantor and certain of our subsidiaries act respectively as guarantors or as borrowers. The obligations under our credit facilities, finance leases and other financing arrangements are secured by, among other things, first priority mortgages over the vessels owned by the respective subsidiaries, charter assignments, first priority assignments of all insurances and earnings of the mortgaged vessels and guarantees by Costamare Inc. or the companies owning the financed vessels.
 

As of December 31, 2024, the interest rate on all of our existing credit facilities, finance leases and other financing arrangements is either a fixed rate or based on SOFR floating rates.
 
As of December 31, 2024, our existing credit facilities, finance leases and other financing arrangements have an aggregate outstanding balance of $2.1 billion. For more information on our Credit Facilities, Finance Leases and Other Financing Arrangements, please see Notes 11 and 12 to our consolidated financial statements included elsewhere in this annual report.
 
The following table summarizes certain terms of our existing drawn credit facilities, finance leases and other financing arrangements discussed below as at December 31, 2024:
 

          Borrowers under Our Credit                            Outstanding                          Interest Rate(1)             Maturity                  Repayment profile           
     Facilities, Finance Leases and Other                     Principal Amount                                                                                                          
            Financing Arrangements                                                                                                                                                      
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                (Expressed in thousands of U.S. dollars)                                                                                                
Bank Debt                                                                                                                                                                               
Quentin Shipping Co. and Sander Shipping Co.                                         64,250   SOFR + Margin(2)                            2030   Straight-line amortization with balloon
Reddick Shipping Co. and Verandi Shipping Co.                                        21,000   SOFR + Margin(2)                            2027   Straight-line amortization             
Ainsley Maritime Co. and Ambrose Maritime Co.                                       109,821   SOFR + Margin(2)                            2031   Straight-line amortization with balloon
Hyde Maritime Co. and Skerrett Maritime Co.                                         104,596   Fixed Rate / SOFR + Margin(2)