GasLog Partners LP Announces Closing of its Initial Public Offering of 9,660,000 Common Units & Full Exercise of Underwriters...
12 Mai 2014 - 10:35PM
Business Wire
GasLog Partners LP (the “MLP”)(NYSE:GLOP) today announced the
closing of its initial public offering of 9,660,000 common units
representing limited partner interests (the “common units”),
including 1,260,000 common units issued upon the exercise in full
by the underwriters of their option to purchase additional units.
The public offering price was $21.00 per common unit. The net
proceeds from the offering, after deducting underwriting discounts
and other offering expenses, were approximately $186 million. The
proceeds from the offering were used principally to reduce
indebtedness and for general partnership purposes, with the
remainder distributed to GasLog Ltd. (“GasLog”) (NYSE:GLOG).
GasLog owns 162,358 common units, 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 acted as joint book-running
managers and Deutsche Bank Securities Inc. and DNB Markets, Inc.
acted as co-managers for the offering.
The offering was 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 offering, 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 and the
contribution of three vessels to the MLP, GasLog’s fleet will
include 20 wholly owned LNG carriers (including 11 ships in
operation and nine LNG carriers on order) and GasLog will have 6
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.
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 consists of
three LNG carriers, each of which has a carrying capacity of
155,000 cbm and 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, 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.” 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.GasLog, MonacoSimon Crowe, +377-9797-5115CFOorJamie
Buckland, +377-9797-5118orSolebury Communications, NYCRay Posadas,
+1-203-428-3231ir@gaslogltd.com
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