GasLog Partners LP Announces Closing of its Public Offering of 7,500,000 Common Units
26 Juin 2015 - 10:04PM
Business Wire
GasLog Partners LP (“GasLog Partners” or the “Partnership”)
(NYSE:GLOP) today announced the closing of its public offering of
7,500,000 common units representing limited partner interests (the
“common units”). The public offering price was $23.90 per common
unit. The net proceeds from the offering, after deducting
underwriting discounts and other offering expenses, and including
approximately $3.66 million received from GasLog Ltd. (NYSE: GLOG)
to maintain its 2.0% general partner interest in the Partnership,
were approximately $175.78 million.
The Partnership will use the net proceeds from the offering to
fund the previously announced acquisition of 100% of the ownership
interests in GAS-nineteen Ltd., GAS-twenty Ltd. and GAS-twenty one
Ltd. (the “Acquisition”), the entities that own the liquefied
natural gas (“LNG”) carriers the Methane Alison Victoria, the
Methane Shirley Elisabeth and the Methane Heather Sally,
respectively, from GasLog Ltd. and to prepay amounts under an
existing credit facility related to the vessels being acquired. The
Acquisition is expected to close in early July following the return
from drydocking of the Methane Alison Victoria.
Following the completion of the Acquisition, the Partnership’s
management intends to recommend to the Board an increase in the
Partnership’s quarterly cash distribution per unit of between 7% to
10%. This increase, together with the previous increase with
respect to the quarter ended March 31, 2015, will result in a cash
distribution per unit of between 24% to 27% above the existing
minimum quarterly distribution. The proposed increase would result
in a cash distribution per unit of between $0.465 to $0.478 for the
quarter ended September 30, 2015, or $1.86 to $1.91 on an
annualized basis. Any such increase would be conditioned upon,
among other things, the closing of the Acquisition, the approval of
such increase by the Board and the absence of any material adverse
developments or potentially attractive opportunities that would
make such an increase inadvisable.
Citigroup Global Markets Inc., Barclays Capital Inc., Morgan
Stanley & Co. LLC, Evercore Group L.L.C., UBS Securities LLC,
Wells Fargo Securities, LLC, Credit Suisse Securities (USA) LLC and
Deutsche Bank Securities Inc. acted as joint book-running managers
and ABN AMRO Securities (USA) LLC acted as co-manager 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 Global Markets Inc., c/o Broadridge Financial Solutions,
1155 Long Island Avenue, Edgewood, NY 11717, Telephone: (800)
831-9146.
A registration statement relating to these securities was
declared effective by the U.S. Securities and Exchange Commission
on June 8, 2015. 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 Partners LP
GasLog Partners LP is a growth-oriented master limited
partnership focused on owning, operating and acquiring LNG carriers
under long-term charters. Prior to giving effect to the
Acquisition, GasLog Partners LP’s fleet consists of five LNG
carriers with an average carrying capacity of 151,000 cbm, each of
which has a multi-year time charter. For more information, please
visit the GasLog Partners LP website at http://www.gaslogmlp.com.
Forward-Looking
Statements
All statements in this press release that are not statements of
historical fact are “forward-looking statements” within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements that address
activities, events or developments that the Partnership expects,
projects, believes or anticipates will or may occur in the future,
particularly in relation to the Partnership’s operations, cash
flows, financial position, liquidity and cash available for
dividends or distributions, plans, strategies and business
prospects, and changes and trends in the Partnership’s business and
the markets in which it operates. 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 the Partnership’s
expectations and projections. Accordingly, you should not unduly
rely on any forward-looking statements. Factors that might cause
future results and outcomes to differ include:
● LNG shipping market conditions and trends,
including spot and long-term charter rates, ship values, factors
affecting supply and demand of LNG and LNG shipping and
technological advancements; ● our ability to enter into time
charters with new and existing customers; ● changes in the
ownership of our charterers; ● our customers’ performance of their
obligations under our time charters; ● changing economic conditions
and the differing pace of economic recovery in different regions of
the world; ● our future financial condition, liquidity and cash
available for dividends and distributions; ● our ability to obtain
financing to fund capital expenditures, acquisitions and other
corporate activities, the ability of our lenders to meet their
funding obligations, and our ability to meet the restrictive
covenants and other obligations under our credit facilities; ● 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 maximize the use of our ships, including the
re-employment or disposal of ships not 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; ●
potential liability from future litigation; and ●
other risks and uncertainties described in
the Partnership’s Annual Report on Form 20-F filed with the SEC on
February 17, 2015 and in the Prospectus Supplement filed with the
SEC on June 22, 2015. Copies of the Annual Report, as well as
subsequent filings, are available online at
http://www.sec.gov.
The Partnership does not undertake to update any forward-looking
statements as a result of new information or future events or
developments except as may be required by law.
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GasLog Partners LPSimon Crowe, +44-203-388-3108Chief Financial
OfficerorJamie Buckland, +44-203-388-3116Head of Investor
Relationsir@gaslogltd.com
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