Company: ASC
Filing Date: 2025-05-07
Form Type: 6-K
Source: 0001558370-25-006618
Chunk: 21

Company: Ardmore Shipping Corp
Filing Date: 2025-05-07
Form: 6-K
Chunk 21
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 to the Unaudited Interim Condensed Consolidated Financial Statements For the three months ended March 31, 2025 and March 31, 2024 (Expressed in thousands of U.S. Dollars, except for shares and as otherwise stated)

4. Debt (continued)

ABN/CACIB Revolving Credit Facility

On August 5, 2022, of ASC’s subsidiaries entered into a $ million sustainability-linked long-term loan facility with ABN AMRO Bank N.V (“ABN AMRO”) and Credit Agricole Corporate and Investment Bank (“CACIB”) (the “ABN/CACIB Joint Bank Facility”), the proceeds of which were used to finance vessels, including vessels financed under lease arrangements. Interest is calculated at SOFR plus %. Principal repayments on the term loans are made on a quarterly basis, with a balloon payment payable with the final installment. On June 15, 2023, the credit facility was amended to convert % of the outstanding balance under the facility into a revolving credit facility with the remaining % of the outstanding balance, or $ million, continuing as a term loan facility. On March 14, 2024, the credit facility was further amended to convert the entire term loan outstanding balance under the facility into the revolving credit facility. The revolving credit facility matures in August 2027. As of March 31, 2025, of the revolving credit facility was drawn down with $ million undrawn.

ABN AMRO Revolving Facility

On August 9, 2022, the Company entered into a new sustainability-linked $ million revolving credit facility with ABN AMRO (the “ABN AMRO Revolving Facility”) to fund working capital. Interest under this facility is calculated at a rate of SOFR plus %. Interest payments are payable on a quarterly basis. The facility matures in August 2025 with further options for extension. As of March 31, 2025, $ million of the revolving credit facility was drawn down, with $ million undrawn.

Long-term debt financial covenants

The Company’s existing long-term debt facilities described above include certain covenants. The financial covenants require that the Company:

| ● | maintain minimum solvency of not less than 30%; |

| ● | maintain minimum cash and cash equivalents (of which at least 60% of such minimum amount is held in cash. The remaining 40% can include cash and cash equivalents undrawn under the revolving facilities), based on the |

number of vessels