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Ireland : ARDMORE SHIPPING inks agreement for newbuilding finance

July 28, 2014

Ardmore Shipping Corporation has inked agreements to increase its current senior loan facility with ABN AMRO Bank N.V., Nordea Bank Finland Plc, and Skandinaviska Enskilda Banken AB ( SEB ).

The combined worth of the sum available under the facility has been grown by $53 million to $225 million.

According to Ardmore, the incomes from the expanded facility will be utilized to finance up to 65% of the acquisition price of three recent vessel acquisitions. The facility will be an amortizing senior term loan with final maturity in early 2021.

We are delighted to further expand our relationship with ABN AMRO, Nordea and SEB through the upsizing of this facility, which completes financing for our three recent acquisitions and highlights the Company s financial strength and flexibility, said Anthony Gurnee, the Company s Chief Executive Officer. Furthermore, we are in late-stage discussions with a leading shipping bank on a credit facility for the Ardmore Seamariner and expect to finalize this agreement in the near term. At that time, Ardmore will have secured debt financing for its current operating fleet as well as all of its vessels on order.

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Source: TendersInfo (India)

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