GasLog Partners to raise up to $206m in public offering

GasLog Partners to raise up to $206m in public offering

Athens: GasLog Partners is to sell 7.5m of its common units at a price of $23.90 per share, which could raise up to $179.25m for the NYSE-listed company.

The partnership’s underwriters have a 30-day option to purchase up to 1.125m additional common units, which would generate an extra $26.89m.

Proceeds from the sale will be used to acquire GAS-nineteen Ltd, Gas-twenty Ltd and GAS-twenty one Ltd from GasLog Ltd. The three companies are the registered ownership entities that respectively own the LNG carriers Methane Alison VictoriaMethane Shirley Elisabeth and the Methane Heather Sally (all 145,000 cbm, built 2007), which the partnership is to acquire from GasLog Ltd for $483m.

The proceeds will also be used in part to prepay amounts under an existing credit facility related to the vessels being acquired and for general partnership purposes, GasLog Partners said today.

Citigroup Global Markets, Barclays Capital, Morgan Stanley & Co, Evercore Group, UBS Securities, Wells Fargo Securities, Credit Suisse Securities (USA) and Deutsche Bank Securities are acting as joint book-running managers for the offering. ABN AMRO Securities (USA) is acting as co-manager.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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