16 March 2016
International law firm Watson Farley and Williams LLP (“WFW”) in London acted for Crédit Agricole Corporate and Investment Bank (“Crédit Agricole”) in relation to a US$64m loan facility made available to Ardmore to refinance existing indebtedness, in relation to two chemical tankers and to provide finance for Ardmore’s acquisition of two further chemical tankers.
The loan facility was signed on 10 March 2016 and follows on from a US$212,650,000 loan facility provided to Ardmore by ABN AMRO Bank N.V. and DVB Bank America N.V. and a US$150,500,000 loan facility provided to Ardmore by Nordea Bank AB, London Branch and Scandinaviska Enskilda Banken AB (Publ), on both of which WFW also acted for the lenders and which both signed in January 2016.
London maritime partner Michael O’Donnell led the WFW team acting for Crédit Agricole on the loan facility, assisted by associates Patrick Smith and Kathryn Palmer. WFW New York advised on Marshall Islands legal matters.
Michael O’Donnell commented: “WFW have acted for lenders on all loan facilities financing the Ardmore Fleet and we are very pleased to have continued our role on this new loan facility with Crédit Agricole following on from the other recent loan facilities to refinance Ardmore’s Fleet”.