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 Victoria; Methane 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.