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GasLog plans new public offering

London: GasLog is planning a new public offering in which it will sell its Series A cumulative redeemable perpetual preference shares.

Each share has a par value of $0.01 and a liquidation preference of $25.

The net proceeds will be used for corporate purposes, “which may include making vessel acquisitions or investments”, GasLog said today.

“The company intends to grant the underwriters a 30-day option to purchase additional Series A Preference Shares to cover overallotments, if any,” the NYSE-listed company said.

GasLog intends to file an application to list the Series A preference shares on the New York Stock Exchange.

The Monaco-based company currently has a live fleet of 11 LNG carriers, with another nine newbuildings under construction.

Last week, GasLog opted to exercise its options for six new 174,000-cbm LNG carriers at Samsung Heavy Industries (SHI), South Korea.

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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