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GasLog notes offer priced for $84m

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July 2, 2014

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GasLog today contemplated and subsequently priced an offering of senior unsecured notes on the Oslo stock exchange totalling NOK500m ($84m).

The oversubscribed offering is expected to close on 2 May, with proceeds from the 5.99% interest notes funding the company’s newbuild programme of seven LNG carriers.

Earlier this month, GasLog bought a further three LNG carriers from Methane Services Ltd (MSL), adding to three purchased at the start of the year. A public offering of 4.2m common shares in GasLog, as well as a fully exercised underwriters option of 637,500 shares, closed on 14 April. The $23.75 price tag for the shares gave a net haul of $100m from the offering.

The company drew down a $325m credit facility from Citibank to fund acquisition of the initial trio, with another $325m facility and bridging loan in the works with Citibank for the second lot of ships.

Should the contracts all proceed as planned, GasLog’s backlog will reach almost $3bn and its fleet will number 18 wholly owned LNG carriers, with 11 on the water and seven on order.

Source : seatrade

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