GasLog Partners LP Announces Pricing of its Initial Public Offering of 8,400,000 Common Units & Listing on the New York Stock...
07 Mai 2014 - 12:57AM
Business Wire
GasLog Partners LP (the “MLP”) today announced that it has
priced its initial public offering of 8,400,000 common units
representing limited partner interests (the “common units”) at
$21.00 per common unit. The underwriters have a 30-day option to
purchase up to 1,260,000 additional common units from the MLP at
the initial public offering price. GasLog Ltd. (“GasLog”)
(NYSE:GLOG) will retain 1,422,358 of the MLP’s common units if the
underwriters’ option to purchase additional common units is not
exercised or 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.
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. 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 common units will begin trading on the New York Stock
Exchange on May 7, 2014 under the ticker symbol “GLOP”. The
offering is expected to close on May 12, 2014.
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 copy
of the 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 was
declared effective by the U.S. Securities and Exchange Commission
on May 6, 2014. 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 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 LP
GasLog Partners LP is a master limited partnership 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 Statements
This 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 be 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, +377 9797 5115CFOorJamie Buckland, +377
9797 5117Investor RelationsorSolebury Communications, NYCRay
Posadas, +1 203-428-3231ir@gaslogltd.com
GasLog (NYSE:GLOG)
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