GasLog refinances six vessels, covers requirements through to 2018

GasLog refinances six vessels, covers requirements through to 2018

GasLog and GasLog Partners have completed the re-financing of six vessels, representing all debt maturities for both entities due in 2016 and 2017 to leave the company with no re-financing requirements until 2018.

The re-financing consists of the refinancing of five vessels for up to $576.5m and a sale and leaseback of the Methane Julia Louise with Mitsui & Co. in Japan.

The five vessel refinancing was for the GasLog-owned Methane Lydon Volney and Methane Becki Anne and the GasLog Partners-owned Methane Alison Victoria, Methane Shirley Elisabeth and Methane Heather Sally. The new facility comprises a 5-year senior tranche facility of up to $396.5m and a 2-year bullet junior tranche of up to $180m.

ABN Amro and DNB were mandated lead arrangers of the transaction.

A sixth vessel, Methane Julia Louise, is being sold to Mitsui and GasLog will lease it back for a period of up to 20 years with options to re-purchase the vessel no earlier than the end of year 10 and no later than the end of year 17 of the bareboat charter.

The vessel will remain on an 11-year charter with Methane Services Ltd., a subsidiary of Shell following the completion by Shell of the BG Group acquisition.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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