GasLog Ltd. Announces Pricing of Public Offering of 8.875% Senior Notes Due 2022 At a Price of 102.5% of Par
14 Mai 2019 - 6:32PM
GasLog Ltd. (“GasLog” or the “Company”) (NYSE:GLOG), an
international owner, operator and manager of liquefied natural gas
(“LNG”) carriers, announced today that it has priced its public
offering of an additional $75.0 million (the “Notes”) of its 8.875%
Senior Notes due 2022 at a price of 102.5% of the underlying
principal amount. The yield to maturity of the Notes is 7.885% at
the offer price. The Notes were an issuance of further notes of the
same series under the indenture pursuant to which the Company
previously issued $250.0 million aggregate principal amount of the
Company’s 8.875% Senior Notes due 2022 (the “Existing Notes”). The
Notes will mature on March 22, 2022 and will bear interest at a
rate of 8.875% of the underlying principal amount per annum from
March 30, 2019, payable quarterly in arrears on March 30, June 30,
September 30 and December 30 of each year.
The net proceeds from the offering after deducting the
underwriting discount and estimated offering expenses are expected
to be approximately $75.3 million. The Company plans to use the net
proceeds from the offering to partially fund the Company’s
committed growth capital program and for general corporate
purposes, including working capital.
Credit Suisse Securities (USA) LLC, DNB Markets, Inc. and
Stifel, Nicolaus & Company, Incorporated are acting as joint
book-running managers of the offering. The offering is expected to
close on or about May 16, 2019.
The offering is being made only by means of a prospectus
supplement and accompanying base prospectus. When available, the
prospectus supplement and accompanying base prospectus relating to
the offering may be obtained from: Credit Suisse Securities (USA)
LLC, Attention: Prospectus Department, One Madison Avenue, New
York, New York 10010, telephone: (800) 221-1037, email:
usa.prospectus@credit-suisse.com; DNB Markets, Inc., 200 Park Ave,
Floor 31, New York, NY 10166, telephone: (212) 681-3800; or Stifel,
Nicolaus & Company, Incorporated, Attention: Syndicate
Department, One South Street, 15th Floor, Baltimore, MD 21202,
telephone: (855) 300-7136, email: syndprospectus@stifel.com.
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 offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of that
jurisdiction.
Contacts:
Phil CorbettHead of Investor RelationsPhone:
+44-203-388-3116
Joseph NelsonDeputy Head of Investor RelationsPhone: +1
212-223-0643
Email: ir@gaslogltd.com
About GasLog Ltd.
GasLog is an international owner, operator and manager of LNG
carriers providing support to international energy companies as
part of their LNG logistics chain. GasLog’s consolidated fleet
consists of 34 LNG carriers and an additional LNG carrier which was
sold to a subsidiary of Mitsui Co. Ltd. and leased back under a
long-term bareboat charter. 20 of these vessels (12 ships on the
water and eight on order) are owned by GasLog with the remaining 15
LNG carriers being owned by the Company’s subsidiary, GasLog
Partners. GasLog's principal executive offices are at Gildo Pastor
Center, 7 Rue du Gabian, MC 98000, Monaco.
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 multi-year charter rates, ship values, factors affecting
supply and demand of LNG and LNG shipping, technological
advancements and opportunities for the profitable operations of LNG
carriers;
- fluctuations in spot and multi-year charter hire rates and
vessel values;
- increased exposure to the spot market and fluctuations in spot
charter rates;
- our ability to maximize the use of our vessels, including the
re-deployment or disposition of vessels which are not under
multi-year charters, including the risk that certain of our vessels
may no longer have the latest technology at such time which may
impact the rate at which we can charter such vessels;
- changes in our operating expenses, including crew wages,
maintenance, dry-docking and insurance costs and bunker
prices;
- number of off-hire days and dry-docking requirements including
our ability to complete scheduled dry-dockings on time and within
budget;
- planned capital expenditures and availability of capital
resources to fund capital expenditures;
- our ability to maintain long-term relationships and enter into
time charters with new and existing customers;
- fluctuations in prices for crude oil, petroleum products and
natural gas, including LNG;
- changes in the ownership of our charterers;
- our customers’ performance of their obligations under our time
charters and other contracts;
- our future operating performance and expenses, 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;
- the time that it may take to construct and deliver newbuildings
and the useful lives of our ships;
- fluctuations in currencies and interest rates;
- the expected cost of and our ability to comply with
environmental and regulatory conditions, including changes in laws
and regulations or actions taken by regulatory authorities,
governmental organizations, classification societies and standards
imposed by our charterers applicable to our business;
- risks inherent in ship operation, including the discharge of
pollutants;
- our ability to retain key employees and the availability of
skilled labour, ship crews and management;
- potential disruption of shipping routes due to accidents,
political events, piracy or acts by terrorists;
- potential liability from future litigation;
- any malfunction or disruption of information technology systems
and networks that our operations rely on or any impact of a
possible cybersecurity event; and
- other risks and uncertainties described in the Company’s Annual
Report on Form 20-F filed with the SEC on March 5, 2019 and
available at http://www.sec.gov.
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.
The declaration and payment of dividends are at
all times subject to the discretion of our board of directors and
will depend on, amongst other things, risks and uncertainties
described above, restrictions in our credit facilities, the
provisions of Bermuda law and such other factors as our board of
directors may deem relevant.
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