Ardmore Abandons Public Offering Plan

Ardmore SeavaliantArdmore Seavaliant; Illustration/Image Courtesy: Ardmore

Tanker owner and operator Ardmore Shipping Corporation has decided to abandon its public offering plan as revealed on November 19.

The company said that it would not pursue the public offering of senior unsecured notes at this time “due to capital market conditions.”

Ardmore Shipping made the decision only hours after it announced the plans to offer senior unsecured notes due 2023 in an underwritten public offering pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission.

Ardmore was to grant the underwriters a 30-day option to purchase additional notes, solely to cover over-allotments. The company intended to use the net proceeds of the offering for general corporate purposes, including funding future vessel acquisitions.

The shipowner reported a net loss of USD 12.2 million for the three months ended September 30, 2018, as compared to a net loss of USD 4.6 million for the same period in 2017. The nine-month net loss came at USD 26, as compared to a net loss of USD 8.7 million for the nine months ended September 30, 2017.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jan 2020 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

The 9th Annual Event Green Shiptech China Congress 2020

The 9th Annual Event- Green Shiptech China Congress 2020 will be held on next…

read more >

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >

2nd GREENTECH IN SHIPPING GLOBAL FORUM

Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >