GasLog and GasLog Partners announce re-financing of 2016 and 2017 debt maturities
GasLog Ltd. and GasLog Partners LP have entered into binding agreements for the re-financing of six vessels, representing all debt maturities for both entities due in 2016 and 2017, the company said in its press release.
The re-financing was completed in two parts:
A senior and junior tranche mortgage debt re-financing on five contracted vessels of up to $576.5 million (the "Five Vessel Re-financing"); and
A sale and leaseback in Japan of the Methane Julia Louise with Mitsui & Co., Ltd. ("Mitsui"), where GasLog has agreed to sell the vessel and immediately thereafter lease it back on a bareboat charter (the "Sale & Leaseback").
The transactions re-finance all 2016 and 2017 debt maturities leaving GasLog and GasLog Partners with no re-financing requirements until 2018
Weighted average profile on the senior tranche of 21 years from vessel delivery
Attractive blended margin across the senior and junior tranches
The facility was syndicated with seven international banks
The Sale & Leaseback allows for a future dropdown to GasLog Partners as described below
Broadens GasLog's access to alternative sources of financing
About GasLog Ltd.
GasLog is an international owner, operator and manager of LNG carriers. GasLog's fully-owned fleet includes 19 LNG carriers (including 11 ships in operation and 8 LNG carriers on order) and GasLog has four LNG carriers operating under its technical management for third parties. GasLog Partners LP, a master limited partnership formed by GasLog, owns a further eight LNG carriers.
GasLog Partners is a growth-oriented master limited partnership focused on owning, operating and acquiring LNG carriers under long-term charters. GasLog Partners' fleet consists of eight LNG carriers with an average carrying capacity of 148,750 cbm, each of which has a multi-year time charter.