20 January 2016
International law firm Watson Farley & Williams LLP (“WFW”) successfully acted for the lenders in relation to two loan facilities made available to Ardmore to refinance existing indebtedness in relation to certain companies within the group and ships owned by said companies.
The new facilities, which signed on 13 January 2016, comprised a US$212,650,000 loan facility made available by ABN AMRO Bank N.V. and DVB Bank America N.V. secured by mortgages over eleven ships and a US$150,500,000 loan facility made available by Nordea Bank AB, London Branch and Skandinaviska Enskilda Banken AB (Publ) secured by mortgages over seven ships. The facilities extend debt maturity to 2022 and contain options to increase the facility amounts to acquire additional vessels.
London-based partner Michael O’Donnell led the cross-border WFW team acting for the lenders, assisted by London associates Delphine Joly and Natalia Golovataya on the Nordea/SEB facility and Emeline Yew and Kathryn Palmer on the ABN AMRO/DVB facility. WFW’s New York office advised on Marshall Islands legal matters.
Michael O’Donnell commented: “WFW have acted on all the previous loan facilities financing the Ardmore fleet and we’re delighted to have done so on these new facilities also”.