Ardmore announced that, subject to market conditions, it 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.
In connection with the proposed offering, Ardmore intends to grant the underwriters a 30-day option to purchase additional Notes, solely to cover over-allotments.
Ardmore intends to use the net proceeds of the offering for general corporate purposes, which may include funding future vessel acquisitions. Following the offering, Ardmore intends to file an application to list the Notes on The New York Stock Exchange.
Morgan Stanley and Stifel will act as joint book-running managers for the public offering. B. Riley FBR, BB&T Capital Markets, Janney Montgomery Scott and Ladenburg Thalmann will act as co-managers for the offering.