GasLog gets commitment for $325.5 million credit facility, bridge loan

By Jennifer Chiou

New York, Jan. 15 - GasLog Ltd. said it obtained commitments for a $325.5 million credit facility and a bridge loan facility with Citibank, NA, London Branch.

According to a news release, the facilities are in connection with the company's purchase of three liquefied natural gas carriers from Methane Services Ltd., which is expected to close in the first or second quarter.

GasLog noted that although it has obtained the bridge loan facility in an effort to ensure that the transaction will go through, it may pursue one or more alternative capital-raising transactions to fund a portion of the vessel purchase price, in which case it would not expect to borrow under the bridge loan facility.

The company also negotiated a $30 million private placement of stock with directors, officers and one major shareholder and said it plans to offer 8.4 million common shares in a public offering with a 30-day over-allotment option for 1.26 million additional shares.

GasLog is an owner, operator and manager of liquefied natural gas carriers based in Monaco.

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