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GasLog strikes $325m refinancing deal

Liquefied natural gas (LNG) shipping player GasLog has landed a refinancing deal through a note purchase from the US-based investment firm Carlyle and energy and energy-related infrastructure investor EIG.

The two companies have signed up for an amount of up to $325m of 7.75% notes due in 2029. Carlyle’s global credit platform made the investment with capital primarily from its infrastructure credit fund, while EIG made the investment through global project fund V and other funds and accounts in EIG’s direct lending platform.

GasLog said it anticipates drawing down the facility in March 2022 and using the proceeds to refinance its 8.875% senior notes due in March of that year. Further, any remaining proceeds may be used to pay transaction costs and expenses incurred in connection with the private placement or general corporate purposes.

The Piraeus-headquartered company booked a profit of $7.7m in the second quarter of 2021 on revenues of $173m. GasLog’s consolidated fleet stands at 35 LNG carriers, of which 17 are owned, three have been sold and leased back by GasLog under long-term bareboat charters, and the remaining 15 are owned by its subsidiary, GasLog Partners.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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