Peter Livanos’ GasLog has signed an export credit agency-backed debt financing of $1.05bn with twelve international banks.
The facility will be used to finance the company’s newbuilding programme, and will cover the balance due to the shipyard on delivery of seven newbuildings under construction at Samsung. Five of the seven vessels are scheduled to deliver into multi-year charters in 2020 and the other two into firm multi-year charters in 2021.
The facility has a tenor of up to 12 years, and is backed by the Export Import Bank of Korea (KEXIM) and the Korea Trade Insurance Corporation (K-Sure).
Last month, GasLog announced it would relocate senior management to Piraeus and close the Monaco office, which was listed as its principal executive office.