Bermuda-based Ardmore Shipping Corporationtoday announced that it has signed a loan agreement for a new US$39-million credit facility with Credit Agricole CIB.
Ardmore say that the proceeds from the new facility will be used to finance up to 65% of the purchase price of two vessels on order in the Company’s current fleet. The facility will be an amortizing senior term loan with a final maturity seven years from the date of drawdown. The covenants and other conditions are consistent with those of the Company’s existing credit facilities.
Anthony Gurnee, the Company’s Chief Executive Officer, commented:
“We appreciate the support of Credit Agricole and are pleased to have secured bank financing for the remaining vessels currently on order. We have now secured financing for all of our vessels on order well ahead of their scheduled deliveries in late 2014 and 2015."
"At the same time, we have significantly expanded Ardmore’s banking relationships, which, in conjunction with our recent equity offering, ensures that we have substantial financial flexibility and the capacity to pursue attractive growth opportunities in a disciplined manner. We are delighted to commence a lending relationship with Credit Agricole and we look forward to working with them on future transactions as well."
About Ardmore Shipping Corporation:
Ardmore owns and operates a modern, fuel-efficient fleet of mid-size product and chemical tankers. It is engaged in the seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies.