Ardmore made the decision on the same day it announced plans to offer senior unsecured notes, due 2023 in an underwritten public offering with the proviso that there was an effective shelf registration statement filed with the US Securities and Exchange Commission.
The company 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 for general corporate purposes, including funding future vessel acquisitions.
Ardmore reported a net loss of $12.2 mill for the three months ended 30th September, 2018, compared to a net loss of $4.6 mill for 3Q17. This year’s nine-month net loss totalled $26 mill, compared to a net loss of $8.7 mill for the same period in 2017.