Company: CMRE-PC
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001140361-25-005199
Chunk: 150

Company: Costamare Inc.
Filing Date: 2025-02-20
Form: 20-F
Item: Item 5
Chunk 150
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 was 4.9%. Such calculations have accounted for fixed rate long-term bank
                                                                                                      debt and interest rate swaps/caps.                                                                                                
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(2)   The interest rate margin of long-term bank debt at December 31, 2024 ranged from 1.45% to 3.90%, and the weighted average interest rate margin as at December 31, 2024 was 2.2%.
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The full prepayment of $105.0 million of the unsecured bonds issued by the Company’s wholly-owned subsidiary, Costamare Participations Plc, was made with cash on hand on November 25, 2024.
 
Covenants and Events of Default
 
The credit facilities impose certain operating and financial restrictions on us. These restrictions in our existing credit facilities generally limit Costamare Inc. and/or our subsidiaries’ ability to, among other things:
 

•   pay dividends if an event of default has occurred and is continuing or would occur as a result of the payment of such dividends;
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•   purchase or otherwise acquire for value any shares of the subsidiaries’ capital;
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•   make loans or assume financial obligations which are not subordinated to the respective credit facilities;
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•   make investments in other persons;
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•   sell or transfer significant assets, including any vessel or vessels mortgaged under the credit facilities, to any person other than as per the provisions of the respective credit facilities;
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•   create liens on assets; or
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•   allow the Konstantakopoulos family’s direct or indirect holding in Costamare Inc. to fall below 30% of the total issued share capital.
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Our existing drawn credit facilities also require Costamare Inc. and certain of our subsidiaries to maintain at all times the aggregate of (a) the market value of the mortgaged vessel or vessels and (b) the market value of any additional security provided to the lenders, above a percentage ranging between 110% to 125% of the then-outstanding amount of the credit facility and any related swap exposure.
 

Costamare Inc. is required to maintain compliance with the following financial covenants to maintain minimum liquidity, minimum market value adjusted net worth, interest coverage and leverage ratios, as defined.
 

•   the ratio of our total liabilities (after deducting all cash and cash equivalents) to market