Ardmore Secures Cash for Its Fleet Additions

Chemical tanker operator Ardmore Shipping Corporation announced that it has signed agreements to upsize its existing senior loan facility with ABN AMRO Bank N.V., Nordea Bank Finland Plc, and Skandinaviska Enskilda Banken AB.

 
The total amount available under the facility has been increased by $53 million to $225 million.

The proceeds from the expanded facility will be used to finance up to 65% of the purchase price of three recent vessel acquisitions.

The facility will be an amortizing senior term loan with final maturity in early 2021. The covenants and other conditions are consistent with the original facility.

Anthony Gurnee, the Company’s Chief Executive Officer, commented:

“We are delighted to further expand our relationship with ABN AMRO, Nordea and SEB through the upsizing of this facility, which completes financing for our three recent acquisitions and highlights the Company’s financial strength and flexibility.

“Furthermore, we are in late-stage discussions with a leading shipping bank on a credit facility for the Ardmore Seamariner and expect to finalize this agreement in the near term. At that time, Ardmore will have secured debt financing for its current operating fleet as well as all of its vessels on order.”

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Press Release, July 25, 2014