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.