Ardmore Shipping Corp (NASDAQ:ASC) is selling some baby bonds which will have a maturity date in 2023.
We have never heard of the company (they have been around since 2010) but it appears they are an owner of 28 vessels which are primarily chemical carriers. The company appears to have around $200 million in annual revenue, but are unprofitable (on a net income basis). They appear to have a tiny bit of positive cash flow (adding depreciation to net income), but they pay NO common share dividend which is usually a warning sign of the quality of a shipping issue.
This issue will be junk (and pretty junky) I think and we would have no interest in the issue–but maybe it will work for someone. I would expect a high coupon on the issue–we shall see.