Ardmore Shipping plans to price public offering of 7.5 million shares

Morgan Stanley, Evercore, Stifel, ABN help fund tankers acquisition

By Devika Patel

Knoxville, Tenn., June 7 – Ardmore Shipping Corp. will sell 7.5 million common shares in its public offering with a 30-day greenshoe of 1,125,000 additional shares, according to a preliminary prospectus supplement and a 6-K filed Tuesday with the Securities and Exchange Commission.

GA Holdings LLC may buy about 17% of the shares.

Morgan Stanley, Evercore ISI, Stifel and ABN AMRO are the bookrunning managers. DVB Capital Markets is the co-manager.

Proceeds will be used to acquire six modern Eco-design MR product/chemical tankers. The remainder of the acquisition price will be paid through a new credit facility.

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

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