GasLog Ltd. Announces Filing of Registration Statement by Master Limited Partnership
08 Avril 2014 - 2:08AM
Business Wire
GasLog Ltd. (“GasLog” or the “Company”) (NYSE:GLOG) today
announced the filing of a Registration Statement on Form F-1 with
the Securities and Exchange Commission (the “SEC”) for the initial
public offering of common units representing limited partnership
interests in GasLog Partners LP (the “MLP”). The number of common
units to be offered and the price range for the offering have not
yet been determined. Application will be made to list the common
units of the MLP on the New York Stock Exchange under the symbol
“GLOP.” The Company intends to contribute three of its existing LNG
carriers with multi-year charters to the MLP and expects to retain
a portion of the MLP’s common units, as well as all of the MLP’s
subordinated units, general partner interest and incentive
distribution rights. The proceeds of the offering are expected to
be used principally to reduce indebtedness. Completion of the
initial public offering is subject to further authorization of the
board of directors of the Company, as well as completion of the SEC
review process.
The offering is being made only by means of a prospectus. When
available, a preliminary prospectus relating to the offering may be
obtained from Citigroup, c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, NY 11717 (tel: (800) 831-9146).
A registration statement relating to these securities has been
filed with the Securities and Exchange Commission but has not yet
become effective. These securities may not be sold nor may offers
to buy be accepted prior to the time the registration statement
becomes effective.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities, and shall not
constitute an offer, solicitation or sale in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of that
jurisdiction.
About GasLog Ltd.
GasLog is an international owner, operator and manager of LNG
carriers. Following the recently announced agreement to purchase
three LNG carriers from Methane Services Ltd., an affiliate of BG
Group, GasLog’s fleet will include 18 wholly owned LNG carriers,
including eleven ships in operation and seven LNG carriers on
order. After giving effect to the acquisition, GasLog will have
nine LNG carriers operating under its technical management for
third parties. GasLog’s principal executive offices are located at
Gildo Pastor Center, 7 Rue du Gabian, MC 98000, Monaco.
Forward Looking Statements
This press release contains “forward-looking statements” as
defined in the Private Securities Litigation Reform Act of 1995.
The reader is cautioned not to rely on these forward-looking
statements. All statements, other than statements of historical
facts, that address activities, events or developments that the
Company expects, projects, believes or anticipates will or may
occur in the future, including, without limitation, completion of
the MLP initial public offering, future operating or financial
results and future revenues and expenses, future, pending or recent
acquisitions, general market conditions and shipping industry
trends, the financial condition and liquidity of the Company, cash
available for dividend payments, future capital expenditures and
drydocking costs and newbuild vessels and expected delivery dates,
are forward looking statements. These statements are based on
current expectations of future events. If underlying assumptions
prove inaccurate or unknown risks or uncertainties materialize,
actual results could vary materially from our expectations and
projections. Risks and uncertainties include, but are not limited
to, general LNG and LNG shipping market conditions and trends,
including charter rates, ship values, factors affecting supply and
demand, technological advancements and opportunities for the
profitable operation of LNG carriers; our ability to enter into
time charters with our existing customers as well as new customers;
our contracted charter revenue; our customers’ performance of their
obligations under our time charters and other contracts; the effect
of volatile economic conditions and the differing pace of economic
recovery in different regions of the world; future operating or
financial results and future revenues and expenses; our future
financial condition and liquidity; our ability to obtain financing
to fund capital expenditures, acquisitions and other corporate
activities, funding by banks of their financial commitments, and
our ability to meet our obligations under our credit facilities;
future, pending or recent acquisitions of ships or other assets,
business strategy, areas of possible expansion and expected capital
spending or operating expenses; our ability to complete the
formation of a proposed master limited partnership; our
expectations relating to dividend payments and our ability to make
such payments; our ability to enter into shipbuilding contracts for
newbuildings and our expectations about the availability of
existing LNG carriers to purchase, as well as our ability to
consummate any such acquisitions; our expectations about the time
that it may take to construct and deliver newbuildings and the
useful lives of our ships; number of off-hire days, drydocking
requirements and insurance costs; our anticipated general and
administrative expenses; fluctuations in currencies and interest
rates; our ability to maintain long-term relationships with major
energy companies; expiration dates and extensions of charters; our
ability to maximize the use of our ships, including the
re-employment or disposal of ships no longer under time charter
commitments; environmental and regulatory conditions, including
changes in laws and regulations or actions taken by regulatory
authorities; requirements imposed by classification societies;
risks inherent in ship operation, including the discharge of
pollutants; availability of skilled labor, ship crews and
management; potential disruption of shipping routes due to
accidents, political events, piracy or acts by terrorists; and
potential liability from future litigation.
A further list and description of these risks, uncertainties and
other factors can be found in our Annual Report filed with the SEC
on March 27, 2014. Copies of the Annual Report, as well as
subsequent filings, are available online at www.sec.gov or on
request from us. In addition, we may not ultimately offer common
units of the MLP to the public, the MLP may not raise the planned
amount of proceeds even if the initial public offering is
completed, we may change the planned initial assets to be included
in the MLP and the timetable in which the proposed transactions may
be completed is uncertain. No assurance can be given as to the
value of the MLP, the price at which its securities may trade or
whether a liquid market for its securities will develop or be
maintained. We do not undertake to update any forward-looking
statements as a result of new information or future events or
developments.
GasLog Ltd.Paul Wogan, +377 9797 5115CEOSimon Crowe, +377 9797
5115CFOJamie Buckland, +377 9797 5118Investor RelationsSolebury
Communications, NYCRay Posadas, +1 203-428-3231ir@gaslogltd.com
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