GasLog Partners LP (the “MLP”) today announced the commencement
of an initial public offering of 8,400,000 common units
representing limited partnership interests (the “common units”).
The estimated price range for the initial public offering is $19.00
to $21.00 per common unit. The proceeds from the offering will be
used principally to reduce indebtedness and for general partnership
purposes, with the remainder to be distributed to GasLog Ltd.
(“GasLog”) (NYSE:GLOG).
The MLP is a Marshall Islands limited partnership and is
currently a wholly owned subsidiary of GasLog. GasLog will
contribute three of its existing LNG carriers with multi-year
charters to the MLP.
The underwriters will be granted an option to purchase up to
1,260,000 additional common units from the MLP at the initial
public offering price, less the underwriting discount. The MLP has
applied to list the common units on the New York Stock
Exchange under the symbol “GLOP”. If the underwriters’ option
to purchase additional common units is not exercised, GasLog will
retain 1,422,358 of the MLP’s common units (and will retain 162,358
common units if the option is exercised in full) as well as all of
the MLP’s subordinated units, general partner interest and
incentive distribution rights.
Citigroup Global Markets Inc., Credit Suisse Securities (USA)
LLC, Wells Fargo Securities, LLC, Barclays Capital Inc., Evercore
Group L.L.C. and UBS Securities LLC are acting as joint
book-running managers and Deutsche Bank Securities Inc. and DNB
Markets, Inc. are acting as co-managers for the offering.
The offering is being made only by means of a prospectus. 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); Credit
Suisse Securities (USA) LLC, Attention: Credit Suisse Prospectus
Department, One Madison Avenue, New York, NY 10010, by telephone:
800-221-1037; and Wells Fargo Securities, Attention: Equity
Syndicate Department, 375 Park Avenue, New York, New York, 10152,
by telephone: 800-326-5897.
A registration statement relating to these securities has been
filed with the U.S. Securities and Exchange Commission but has not
yet become effective. These securities may not be sold nor may
offers to buy the securities 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 additional LNG carriers from
Methane Services Ltd., an affiliate of BG Group, GasLog’s fleet
will include 21 wholly owned LNG carriers (including 14 ships in
operation and seven LNG carriers on order) and GasLog will have 6
LNG carriers operating under its technical management for third
parties. In connection with the initial public offering of GasLog
Partners LP, three of GasLog’s vessels in operation will be
contributed to GasLog Partners LP. GasLog’s principal executive
offices are located at Gildo Pastor Center, 7 Rue du Gabian, MC
98000, Monaco.
About GasLog Partners LPGasLog Partners LP was formed by
GasLog to own, operate and acquire LNG carriers with multi-year
charters. The initial fleet of GasLog Partners LP will consist
of three LNG carriers, each of which has a carrying capacity of
155,000 cbm and has a multi-year charter.
Forward Looking StatementsThis press release contains
“forward-looking statements”. 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 GasLog and the MLP expect, project, believe or
anticipate 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, cash available for distribution, 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 of LNG and LNG shipping, 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 expectations relating to distributions of
available cash and our ability to make such distributions; 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 our time 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; our continued compliance with 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.
For a discussion of some of the risks and important factors that
could affect future results, see the discussion in the MLP’s
registration statement on Form F-1 (File No. 333-195109) under the
caption “Risk Factors.” In addition, the MLP initial public
offering may not successful or the MLP may not raise the planned
amount of proceeds even if the initial public offering is
completed. 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.Simon Crowe, Phone: +377 9797 5115(CFO,
GasLog, Monaco)orJamie Buckland, Phone: +377 9797 5118(GasLog,
Monaco)orRay Posadas, Phone: +1 203-428-3231(Solebury
Communications, NYC)Email: ir@gaslogltd.com
GasLog (NYSE:GLOG)
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