Daily News: May 27, 2014

Credit Agricole Provides Marine Financing for Ardmore

Ardmore Shipping announced that it has signed a loan agreement for a new $39 million credit facility with Credit Agricole CIB. 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.

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.

Hamilton, Bermuda-based Ardmore owns and operates a modern, fuel-efficient fleet of mid-size product and chemical tankers. The company 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.