Ardmore gets new $71.3 million term loan, expands existing facility

By Wendy Van Sickle

Columbus, Ohio, Sept. 12 – Ardmore Shipping Corp. closed a new $71.3 million senior debt facility with ABN Amro that will finance four of six new vessels, according to a press release.

The new facility is an amortizing senior term loan with a final maturity date in 2023. Its covenants and other conditions are consistent with those of the company's existing credit facilities, according to the release.

Additionally, Ardmore’s existing credit facility with ABN Amro and DVB Bank, which was completed in January 2016, was upsized by $36.6 million to finance the other two new vessels, the company said. NIBC Bank has joined as a lender under that facility, and the upsized portion is in two tranches to coincide with the delivery of the two vessels.

The new tranches will mature in 2023. The covenants and other conditions are consistent with the original facility.

Ardmore said it took possession of the first three of the six new MR product/chemical tankers that it agreed in June to acquire on Aug. 31, Sept. 7 and Monday.

Ardmore is a Hamilton, Bermuda-based transporter of petroleum products and chemicals.

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