Gaslog Ltd. : Announces $1.05 Billion Financing Facility For Six Legacy Vessel Facilities
20 Juin 2016 - 1:10PM
GasLog Ltd. ("GasLog") (NYSE:GLOG), an international owner,
operator and manager of liquefied natural gas ("LNG") carriers,
announces that it has launched a debt financing of $1.05 billion
with a number of international banks to re-finance six legacy
facilities (the "Legacy Facility Re-financing"). The Legacy
Facility Re-financing covers eight on-the-water vessels, which were
delivered between 2010 and 2015.
The key highlights of the $1.05 billion Legacy
Facility Re-financing are as follows:
- Re-finances $960m of bank debt across six legacy
facilities
- Includes a $100m revolving credit facility ("RCF") creating
additional liquidity
- Tenor of 5 years extends the maturity of the existing
facilities to 2021
- Attractive weighted-average margin
- Simplifies GasLog's bank debt into four multi-vessel
facilities
Terms of the Legacy Facility Re-financing are in
line with GasLog's existing facilities, demonstrating the banks'
strong appetite to lend to leading companies in the LNG industry.
The Legacy Facility is currently in the documentation stage and is
expected to close early in H2 2016.
Post the completion of this financing, GasLog
Ltd. will have four debt facilities in total (from nine before
today's announcement).
The eight vessels covered by the Legacy Facility
are as follows:
Vessel |
Size (cbm) |
Propulsion |
Delivery |
GasLog Savannah |
155,000 |
TFDE |
2010 |
GasLog Singapore |
155,000 |
TFDE |
2010 |
GasLog Chelsea |
153,600 |
TFDE |
2010 |
GasLog Skagen |
155,000 |
TFDE |
2013 |
GasLog Seattle |
155,000 |
TFDE |
2013 |
Solaris |
155,000 |
TFDE |
2014 |
GasLog Saratoga |
155,000 |
TFDE |
2014 |
GasLog Salem |
155,000 |
TFDE |
2015 |
Simon Crowe, Chief Financial Officer commented,
"I am delighted to announce this re-financing, which simplifies
GasLog's bank facilities and aligns the terms and covenants across
our four facilities. The Legacy Facility Re-financing further
extends GasLog's maturities, strengthens the balance sheet and
creates additional liquidity for the company as we look to pursue a
number of interesting growth opportunities in the LNG carrier and
FSRU sectors."
Citibank N.A ("Citi"), Credit Suisse AG ("CS")
and Nordea Bank AB ("Nordea") are acting as Mandated Lead Arrangers
("MLAs"), and Joint Bookrunners. Citi is also acting as Global
Coordinator.
About GasLog Ltd. GasLog is an
international owner, operator and manager of LNG carriers. GasLog's
fully-owned fleet includes 18 LNG carriers (including 11 ships in
operation and seven LNG carriers on order) and GasLog has four LNG
carriers operating under its technical management for third parties
and a vessel secured under a long-term bareboat charter from Lepta
Shipping, a subsidiary of Mitsui. GasLog's principal
executive offices are at Gildo Pastor Center, 7 Rue du Gabian, MC
98000, Monaco.
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
HUG#2021786
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