Report of Foreign Issuer (6-k)
19 Octobre 2015 - 1:35PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT
TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES
EXCHANGE ACT OF 1934
For the month of October 2015
Commission File Number 001-35466
GasLog Ltd.
(Translation of registrant’s name
into English)
Gildo Pastor Center
7 Rue du Gabian
MC 98000, Monaco
(Address of principal executive office)
Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F þ
Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): |
o |
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Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): |
o |
The press release issued by GasLog Ltd.
on October 19, 2015 announcing the completion of a $1.3 Billion financing facility
for eight newbuildings is attached hereto as Exhibit 99.1.
INCORPORATION BY REFERENCE
Exhibit 99.1 to this Report on Form 6-K
shall be incorporated by reference into our registration statements on Form F-3 (File Nos. 333-188817 and 333-194894), initially
filed with the Securities and Exchange Commission (the “SEC”) on May 24, 2013 and March 28, 2014, respectively, as
amended, and the registration statement on Form S-8 (File No. 333-187020) filed with the SEC on March 4, 2013, in each case to
the extent not superseded by information subsequently filed or furnished (to the extent we expressly state that we incorporate
such furnished information by reference) by us under the Securities Act of 1933 or the Securities Exchange Act of 1934, in each
case as amended.
EXHIBIT LIST
Exhibit |
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Description |
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99.1 |
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Press Release Dated October 19, 2015 |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
Date: October 19, 2015 |
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GASLOG LTD. |
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by |
/s/ Paul Wogan |
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Name: |
Paul Wogan |
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Title: |
Chief Executive Officer |
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Exhibit 99.1
GasLog Ltd. Completes $1.3 Billion Financing
Facility For Eight Newbuildings
Monaco – October
19, 2015 – GasLog Ltd. (“GasLog”, NYSE: GLOG), an international owner, operator and manager
of liquefied natural gas (“LNG”) carriers, announces that it has completed an export credit agency-backed debt financing
of $1.3 billion with fourteen international banks for its current newbuilding programme (the “Newbuild Facility”).
The Newbuild Facility covers eight vessels, which will be delivered between 2016 and 2019. Seven of the eight vessels have long-term
contracts of between 7 and 10 years and will be chartered to a subsidiary of BG Group plc following delivery.
The key highlights of the $1.3 billion
Newbuild Facility, the largest financing in GasLog’s history, are as follows:
| · | Tenor of up to 12 years with an amortisation profile of 15 years from vessel delivery |
| · | Attractive weighted-average margin |
| · | High levels of interest from GasLog’s existing bank group and a number of new institutions
(final commitments more than two times oversubscribed) |
| · | Backed by the Export Import Bank of Korea (“KEXIM”) and the Korea Trade Insurance Corporation
(“K-Sure”), who are either directly lending or providing cover for over 60% of the facility |
| · | All seven vessels with contracts are eligible for future dropdown into GasLog Partners LP |
Terms of the Newbuild Facility are in
line with or better than GasLog’s existing facilities, demonstrating the banks’ strong appetite to lend to leading
counterparties in the LNG industry with modern assets and high quality, long-term contracts, which provide significant visibility
on future revenue and cashflow.
The eight vessels covered by the Newbuild
Facility are as follows:
Vessel |
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Size
(cbm) |
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Propulsion |
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Delivery |
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Contract |
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Charterer |
SHI
Hull 2072 |
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174,000 |
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TFDE |
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Q1
2016 |
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10
years |
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BG
Group |
SHI
Hull 2073 |
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174,000 |
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TFDE |
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Q2
2016 |
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10
years |
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BG
Group |
SHI
Hull 2102 |
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174,000 |
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TFDE |
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Q3
2016 |
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7
years |
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BG
Group |
SHI
Hull 2103 |
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174,000 |
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TFDE |
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Q4
2016 |
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7
years |
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BG
Group |
SHI
Hull 2130 |
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174,000 |
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X-DF |
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Q1
2018 |
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9
years |
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BG
Group |
SHI
Hull 2131 |
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174,000 |
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X-DF |
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Q1
2019 |
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9
years 10m |
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BG
Group |
HHI
Hull 2800 |
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174,000 |
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X-DF |
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Q1
2018 |
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9
years 4m |
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BG
Group |
HHI
Hull 2801 |
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174,000 |
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X-DF |
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Q1
2018 |
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— |
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— |
GasLog’s outstanding capital
expenditure for its eight-vessel newbuild programme is approximately $1.5 billion, with $1.3 billion of debt provided by the
Newbuild Facility, representing all planned financing for the vessels. As the vessels deliver over the next four years it is
intended that the outstanding balance will be funded by cash on GasLog’s balance sheet and operational cash flow.
Simon Crowe, Chief Financial Officer of
GasLog Ltd. commented, “I am delighted we have completed GasLog’s largest financing to date, which was executed during
a period of volatility in the global energy sector. This Newbuild Facility further strengthens GasLog’s robust financial
platform, which is backed by almost $4 billion of contracted revenue. The strong relationships we have with our lenders and our
stated strategy of long-term contracted business with reputable customers were imperative in securing attractive tenor and rates
on this facility.
We have been very pleased to see both
new and existing lenders in this facility, demonstrating the appetite from a range of international banks to lend to companies
with modern assets with solid contracts at good rates. The support of KEXIM and K-Sure further adds to the attractiveness of this
facility.”
Citibank N.A (“Citi”) and
Nordea Bank AB (“Nordea”) acted as Global Co-Coordinators, Bookrunners and Mandated Lead Arrangers (“MLAs”).
Citi has also acted as ECA Agent and ECA Coordinator and Nordea as Agent and Security Agent. The other lead arrangers in the lending
syndicate are Bank of America National Association, BNP Paribas, Credit Agricole Corporate and Investment Bank, Credit Suisse
AG, HSBC Bank plc, ING Bank N.V., KEB Hana Bank, KfW IPEX-Bank GmbH, National Australia Bank Limited, Oversea-Chinese Banking
Corporation Limited, Societe Generale and The Korea Development Bank.
About GasLog Ltd.
GasLog is an international owner, operator
and manager of LNG carriers. GasLog’s fully-owned fleet includes 19 LNG carriers (including 11 ships in operation and 8
LNG carriers on order) and GasLog has four LNG carriers operating under its technical management for third parties. GasLog Partners
LP, a master limited partnership formed by GasLog, owns a further eight LNG carriers. GasLog’s principal executive offices
are at Gildo Pastor Center, 7 Rue du Gabian, MC 98000, Monaco. GasLog’s website is http://www.gaslogltd.com.
Contacts:
Simon Crowe – Chief Financial Officer
Phone: +44 203 388 3116
Jamie Buckland – Head of Investor Relations
Phone: +44 203 388 3116
Email: ir@gaslogltd.com
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