Ardmore Set for Growth as It Refinances Debt

Ardmore Irish tanker owner and operator Ardmore Shipping Corporation has completed a refinancing of substantially all of its outstanding debt. This opportunistic refinancing on attractive terms reflects the companys strong banking relationships and improving financial profile, as well as the successful completion of a newbuilding program that has more than doubled the size of our fleet since our IPO with the addition of new, state-of-the-art, Eco-design vessels, Anthony Gurnee, Ardmores Chief Executive Officer, said. Furthermore, Ardmore is well positioned to capitalize on future growth opportunities with the additional lending capacity built into these facilities, he noted. Ardmore has received total senior secured term loan commitments of USD 364 million across two facilities. The first facility consists of USD 213 million of funded debt from ABN AMRO and DVB Bank, including an incremental commitment of USD 20 million to fund future acquisitions. The second facility consists of USD 151 million of funded debt from Nordea Bank and Skandinaviska Enskilda Banken (SEB). Gurnee added that Ardmore continues to be bullish on the outlook for the product tanker market, which is benefiting from the on-going impact of the new oil market and strong underlying fundamentals that are driving an increasing disparity between tonne mile demand growth and a declining MR orderbook. According to him, the company is well positioned to continue generating strong returns and creating substantial value for shareholders. Ardmore owns and operates a fleet of mid-size product and chemical tankers ranging from 17,500 to 50,300 deadweight tonnes.