8 May 2014
Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has advised ABN AMRO Bank N.V. (“ABN AMRO”) on a US$172 million loan facility made available to Ardmore Shipping. The facility was signed on 19 March and the loan is to provide financing for Ardmore Shipping’s acquisition of eight newbuild vessels.
The eight newbuildings comprise MR2 tankers, MR1 tankers and chemical tankers under construction at SPP Shipholding Co. Ltd., and Hyundai Mipo Dockyard in South Korea, and Fukuoka Shipbuilding Co., Ltd in Japan.
WFW advised ABN AMRO, who acted as mandated lead arrangers and bookrunners, along with Nordea Bank Finland plc and London branch and Skandinaviska Enskilda Banken AB in the former capacity, and with Nordea Bank Finland plc in the latter. ABN AMRO is a long-time client of WFW.
Ardmore Shipping currently owns and operates a fleet of 11 product and chemical tankers and provides services to clients through voyage charters, commercial pools and time charters
WFW London Maritine partner Michael O’Donnell led the WFW team on the deal, supported by senior associate Delphine Joly and Emeline Yew. WFW New York partner Leo Chang provided Marshall Islands law assistance, as the ships will be registered in the Marshall Islands.
WFW London maritime partner, Michael O’Donnell, said:“ABN AMRO is a leading financier in the maritime industry and their continued investment highlights the confidence they have in the shipping sector, which is such a key element of international trade and commerce. WFW’s in-depth international maritime sector expertise provides clients with real assurance in complex multi-jurisdictional deals such as this.”