Four of Ardmore’s six new vessels are being financed through the $71.3 million senior debt facility, an amortizing senior term loan with a final maturity date in 2023, with ABN AMRO.
The other two vessels have been added to the existing credit facility with ABN AMRO and DVB Bank, which was completed in January 2016. The facility has been upsized by $36.6 million and NIBC Bank has agreed to join ABN AMRO and DVB Bank as lenders.
“We are pleased to welcome these high-quality, modern MR product / chemical tankers to Ardmore’s operating fleet,” Ardmore CEO Anthony Gurnee said. “Alongside the three additional vessels that are scheduled to deliver to Ardmore in the coming weeks, these recent acquisitions will expand our long-term earnings power, enhance our cost efficiency and lower our breakeven costs. We also appreciate the support of ABN AMRO, DVB Bank, and NIBC Bank in providing bank financing for all of our newly acquired vessels.”
Ardmore owns and operates a fleet of mid-size product and chemical tankers ranging from 25,000 to 50,000 deadweight tons, and provides petroleum product transport to oil and chemical companies around the world.