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. “We appreciate the support of Credit Agricole and are pleased to have secured bank financing for the remaining vessels currently on order.
Subscribe for Maritime Reporter E-News
Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email five times per week