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GasLog signs three new facility agreements totaling $1.04 billion
By Sarah Lizee
Olympia, Wash., July 16 – GasLog Ltd. and GasLog Partners LP announced the signing of three new loan agreements totaling $1.04 billion, according to a press release.
The facilities include a $577 million loan at GasLog and a $260 million loan and $200 million loan at GasLog Partners.
The facilities refinance about $1 billion of debt outstanding across 12 vessels, and deliver about $30 million of incremental liquidity, GasLog said.
They provide for an amortization profile of minimum 22 years and above with a five-year tenor, an attractive weighted-average margin, as well as covenants in line with the group’s existing bank credit facilities and its NOK 2024 bond.
The new facilities also simplify the group’s bank debt into GasLog and GasLog Partners facilities.
The three new credit facilities are signed and expected to close by the end of July.
They fully refund the $266 million due on the five-vessel refinancing credit facility and refund the majority of the $724 million due on the legacy facility refinancing.
GasLog is currently in documentation to refinance the remaining balance of the legacy facility refinancing, secured by the GasLog Chelsea, later in the third quarter.
Citibank NA, ABN Amro and Nordea Bank AB acted as global co-coordinators and bookrunners while HSBC plc acted as mandated lead arranger. Credit Agricole CIB acted as lead arranger, and UniCredit Bank and National Australia Bank Ltd. acted as arrangers for the syndicate for the $577 million facility.
BNP Paribas and Credit Suisse AG acted as co-coordinators and bookrunners and Alpha Bank SA acted as arranger in the syndicate for the $260 million facility.
DNB ASA, London Branch and ING Bank NV, London Branch acted as co-coordinators and bookrunners for the $200 million facility.
GasLog is a Monaco-based owner, operator and manager of LNG carriers.
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