Company: ASC
Filing Date: 2025-03-07
Form Type: 20-F
Source: 0001558370-25-002500
Chunk: 188

Company: Ardmore Shipping Corp
Filing Date: 2025-03-07
Form: 20-F
Item: Item 19
Chunk 188
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2million, 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 December 31, 2024, noneof the revolving credit facility was drawn down and $78.3million was undrawn.
ABN AMRO Revolving Facility
On August 9, 2022, the Company entered into a new sustainability-linked $15million revolving credit facility with ABN AMRO to fund working capital. Interest under this facility is calculated at a rate ofSOFR plus
3.9
%. Interest payments are payable on a quarterly basis. The facility matures in August 2026. As of December 31, 2024, $1.3million of the revolving credit facility was drawn down and $13.7million was 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 fac...
ensure that the aggregate fair market value of the applicable vessels plus any additional collateral is, depending on the facility, no less than 130% of the debt outstanding for the applicable...

F-25

Table of Contents

  maintain an adjusted net worth of not less than $ 200 million; and  

  maintain positive working capital, excluding current portion of debt and leases, balloon repayments and amounts outstanding under the ABN AMRO Revolving Facility, provided that the facility has...  
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The Company was in full compliance with all of its long-term debt financial covenants as of December 31, 2024 and 2023.

Interest rates

The following tables set forth the effective interest rate associated with the interest expense for the Company’s debt facilities noted above. The effective interest rate below does not include the effect of any interest rate swap agreements, which the Company may enter into from time to time. The following tables also include the range of interest rates on the debt, excluding the impact