Ardmore Shipping announced that it has completed the refinancing of substantially all of its outstanding debt. The company has received total senior secured term loan commitments of $364 million. The refinancing extends debt maturities to 2022, provides for additional borrowing capacity and lowers the company's cost of debt.

The covenants and other conditions of both facilities are consistent with those of the company's prior credit facilities, and both contain accordion options whereby the facilities' amounts can, subject to lender's consent, be increased to finance the acquisition of additional vessels by Ardmore. The refinancing will reduce Ardmore's interest expense by approximately $2 million in 2016 and improve the company's surplus cash flow by approximately $6 million over the same period.