Watson Farley & Williams (“WFW”) advised a consortium of lenders comprising Nordea Bank Abp, filial i Norge (“Nordea”), acting as facility and security agent, Skandinaviska Enskilda Banken AB, ABN AMRO Bank N.V. and Danske Bank A/S on a US$350m revolving credit facility provided to Ardmore Shipping Corporation (“Ardmore”) to refinance Ardmore’s existing revolving credit facilities and for general corporate purposes. The facility was secured by 20 of Ardmore’s vessels.
Founded in 2010, Ardmore Shipping is a global operator of product and chemical tankers with a predominant focus on spot market trading of its fleet.
The WFW London Maritime team that advised the lenders was led by Partner Michael O’Donnell, supported by Associates James Burgess and Jack Oldbury and Trainee Henry Stevenson. New York Partner John Benson provided Marshall Islands legal expertise, supported by Paralegal Greg Pastore.
Michael commented: “We have advised on loan facilities to Ardmore since its establishment and are delighted to have supported it on this important transaction, which consolidates the majority of its fleet financing arrangements into a single facility”.
