GasLog Ltd. (“GasLog” or the “Company”) (NYSE:GLOG) and GasLog
Partners LP (“GasLog Partners”) (NYSE:GLOP) today announce that
they have entered into binding agreements for the re-financing of
six vessels, representing all debt maturities for both entities due
in 2016 and 2017. The re-financing was completed in two parts:
- A senior and junior tranche mortgage debt re-financing on five
contracted vessels of up to $576.5 million (the “Five Vessel
Re-financing”); and
- A sale and leaseback in Japan of the Methane Julia Louise with
Mitsui & Co., Ltd. (“Mitsui”), where GasLog has agreed to sell
the vessel and immediately thereafter lease it back on a bareboat
charter (the “Sale & Leaseback”).
Key Highlights:
- The transactions re-finance all 2016 and 2017 debt maturities
leaving GasLog and GasLog Partners with no re-financing
requirements until 2018
- Weighted average profile on the senior tranche of 21 years from
vessel delivery
- Attractive blended margin across the senior and junior
tranches
- The facility was syndicated with seven international banks
- The Sale & Leaseback allows for a future dropdown
to GasLog Partners as described below
- Broadens GasLog’s access to alternative sources of
financing
The Five Vessel Re-financing
This week, GasLog signed and executed a $576.5
million Five Vessel Re-financing for debt maturities, which were
due in 2016 and 2017. It is comprised of a 5-year senior
tranche facility of up to $396.5 million and a 2-year bullet junior
tranche of up to $180.0 million.
The vessels covered by the Five Vessel Re-financing
are the GasLog-owned Methane Lydon Volney and Methane Becki Anne
and the GasLog Partners-owned Methane Alison Victoria, Methane
Shirley Elisabeth and Methane Heather Sally.
ABN AMRO BANK N.V. and DNB (UK) LTD. were mandated
lead arrangers to the transaction. The other banks in the syndicate
are: DVB Bank America N.V., Commonwealth Bank of Australia, ING
Bank N.V., London Branch, Credit Agricole Corporate and Investment
Bank and National Australia Bank Limited.
Sale & Leaseback of the Methane Julia
Louise with Mitsui
Also this week, GasLog’s subsidiary, GAS-twenty six
Ltd., signed a binding agreement subject only to usual ship sale
and leaseback conditions, with a subsidiary of Mitsui (‘Mitsui’)
for the sale and leaseback of the Methane Julia Louise. Mitsui
itself has the right to on-sell and leaseback the vessel. The
vessel is being sold to Mitsui for a total consideration
approximately equivalent to its current book value. Concurrently,
GasLog has agreed to lease back the vessel from Mitsui for a period
of up to 20 years. GasLog has the option to re-purchase the vessel
on pre-agreed terms no earlier than the end of year 10 and no later
than the end of year 17 of the bareboat charter.
GasLog Partners retains its option to purchase the
special purpose entity that controls the charter revenues of this
vessel. This entity, together with the revenues from the charter,
continue to be eligible for dropdown into GasLog Partners. The
vessel will remain on its 11 year charter with Methane Services
Ltd., now a wholly owned subsidiary of Royal Dutch Shell plc
(“Shell”) following the completion by Shell of the BG Group plc
acquisition on February 15, 2016.
Simon Crowe, Chief Financial Officer at GasLog and
GasLog Partners commented, “With the successful completion of these
two financings, GasLog and GasLog Partners have no debt maturities
until 2018. The completion of this Five Vessel Re-Financing follows
the $1.3 billion newbuild financing we completed in October 2015,
which provided GasLog with committed financing against all of its
eight future newbuild deliveries.
The terms of this Five Vessel Re-financing, which
is secured against contracted, modern LNG carriers with a strong
counterparty, are in line with GasLog’s other secured debt
facilities. The facility was syndicated across a number of
international banks and we were very pleased with the appetite of
the banks in the syndicate to lend to GasLog.
Through the Mitsui transaction, GasLog has
broadened its access to alternative sources of financing at a very
competitive tenor and cost of capital. Further, GasLog has created
a new working partnership with one of the world’s largest and most
reputable LNG players. We strongly believe this partnership will be
beneficial to both GasLog and Mitsui going forwards.”
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.
About GasLog Partners LPGasLog
Partners is a growth-oriented master limited partnership focused on
owning, operating and acquiring LNG carriers under long-term
charters. GasLog Partners' fleet consists of eight LNG
carriers with an average carrying capacity of 148,750 cbm, each of
which has a multi-year time charter. GasLog Partners' executive
offices are located at Gildo Pastor Center, 7 Rue du Gabian, MC
98000, Monaco. Visit the GasLog Partners 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 Company
expects, projects, believes or anticipates will or may occur in the
future, particularly in relation to our operations, cash flows,
financial position, liquidity and cash available for dividends or
distributions, plans, strategies, business prospects and changes
and trends in our business and the markets in which we operate. We
caution that these forward-looking statements represent our
estimates and assumptions only as of the date of this press
release, about factors that are beyond our ability to control or
predict, and are not intended to give any assurance as to future
results. Any of these factors or a combination of these factors
could materially affect future results of operations and the
ultimate accuracy of the forward-looking statements. Accordingly,
you should not unduly rely on any forward-looking statements.
Factors that might cause future results and
outcomes to differ include, but are not limited to, the
following:
- general 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;
- continued low prices for crude oil and petroleum products;
- 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;
- our future operating performance, financial condition,
liquidity and cash available for dividends and distributions;
- 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
restrictive covenants and other obligations under our credit
facilities;
- future, pending or recent acquisitions of or orders for ships
or other assets, business strategy, areas of possible expansion and
expected capital spending or operating expenses;
- 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;
- fluctuations in currencies and interest rates;
- our ability to maintain long-term relationships with major
energy companies;
- 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;
- the expected cost of, and our ability to comply with,
governmental regulations and maritime self-regulatory organization
standards, requirements imposed by classification societies and
standards imposed by our charterers applicable to our
business;
- 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
- any malfunction or disruption of information technology systems
and networks that our operations rely on or any impact of a
possible cybersecurity breach.
We undertake no obligation to update or revise any
forward-looking statements contained in this press release, whether
as a result of new information, future events, a change in our
views or expectations or otherwise, except as required by
applicable law. New factors emerge from time to time, and it is not
possible for us to predict all of these factors. Further, we cannot
assess the impact of each such factor on our business or the extent
to which any factor, or combination of factors, may cause actual
results to be materially different from those contained in any
forward-looking statement.
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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