GasLog refinance debt maturities with new loan agreements totalling $1.1 billion
GasLog Ltd. and GasLog Partners LP announce the signing of three new loan agreements, The GasLog Ltd. $577M Facility, the GasLog Partners LP $260M Facility and the GasLog Partners LP $200M Facility, which substantially refinance all of the Group’s debt maturities due in 2021, strengthen the balance sheet and create additional liquidity for the Group.
The key highlights of the transactions are as follows:
Refinances a total of approximately $1 billion of debt outstanding across 12 vessels;
Delivery of approximately $30 million of incremental liquidity for the Group;
Amortization profile of minimum 22-years and above with a 5-year tenor;
Attractive weighted-average margin;
Covenants in line with the Group’s existing bank credit facilities and its NOK 2024 bond;
Simplifies the Group’s bank debt into GasLog Ltd. and GasLog Partners LP. facilities.
The three new credit facilities are signed and expected to close by the end of July 2020. They fully refund the $266 million due on the Five Vessel Refinancing credit facility and refund the majority of the $724 million due on the Legacy Facility Refinancing. GasLog is currently in documentation to refinance the remaining balance of the Legacy Facility Refinancing, secured by the GasLog Chelsea, later in the third quarter.
Citibank N.A., ABN Amro, and Nordea Bank AB acted as Global Co-Coordinators and Bookrunners while HSBC plc. acted as Mandated Lead Arranger; Credit Agricole Corporate and Investment Bank acted as Lead Arranger; and UniCredit Bank and National Australia Bank Limited acted as Arrangers for the syndicate for the GLOG $577M Facility.
BNP Paribas and Credit Suisse AG acted as Co-Coordinators and Bookrunners and Alpha Bank S.A. acted as Arranger in the syndicate for the GLOP $260M Facility.
On July 15, GasLog took delivery of the GasLog Westminster, a 180,000 cubic meter cargo capacity LNG carrier with X-DF propulsion and Mark III Flex containment system. The vessel was delivered on time and on budget and will immediately commence a seven-year charter with a wholly owned subsidiary of Centrica plc.
The GasLog Westminster is the third of seven vessels scheduled to deliver during 2020-21, all of which are fully funded and together are expected to generate approximately $145 million of EBITDA per annum.
About GasLog
GasLog is an international owner, operator and manager of LNG carriers providing support to international energy companies as part of their LNG logistics chain. GasLog’s consolidated fleet consists of 35 LNG carriers. Of these vessels, 19 (15 on the water and four on order) are owned by GasLog, one has been sold to a subsidiary of Mitsui & Co., Ltd. and leased back to GasLog under a long-term bareboat charter and the remaining 15 LNG carriers are owned by the Company’s subsidiary, GasLog Partners. GasLog’s principal executive offices are at 69 Akti Miaouli, 18537 Piraeus, Greece.
