By Stephanie N. Rotondo
Seattle, May 8 – GasLog Partners LP priced $125 million of 8.625% series A fixed-to-floating rate cumulative redeemable preference units, the company said in an FWP filed with the Securities and Exchange Commission on Monday.
Price talk was 8.75%, a market source reported. The deal was upsized from $50 million.
Morgan Stanley & Co. LLC, UBS Securities LLC, Stifel Nicolaus & Co. Inc. and Citigroup Global Markets Inc. are the joint bookrunners.
There is an $18.75 million over-allotment option.
The distribution rate will be fixed until June 15, 2027. After that, the rate will float at Libor plus 631 basis points.
The units are callable June 15, 2027 at par plus accrued distributions.
The units will be listed on the New York Stock Exchange under the ticker “GLOPPrA.”
Proceeds will be used for general partnership purposes, which may include future acquisitions, debt repayment, capital expenditures and working capital.
GasLog is a Monaco-based master limited partnership focused on owning, operating and acquiring LNG carriers under multi-year charters.
| Issuer: | GasLog Partners LP
|
| Securities: | Series A fixed-to-floating rate cumulative redeemable preference units
|
| Amount: | $125 million, or 5 million units
|
| Greenshoe: | $18.75 million, 750,000 units
|
| Maturity: | Perpetual
|
| Bookrunners: | Morgan Stanley & Co. LLC, UBS Securities LLC, Stifel Nicolaus & Co. Inc. and Citigroup Global Markets Inc.
|
| Co-managers: | ABN Amro Securities (USA) LLC and BNP Paribas Securities Corp.
|
| Distribution rate: | Fixed at 8.625% until June 15, 2027, then floating at Libor plus 631 bps
|
| Price: | Par of $25.00
|
| Yield: | 8.625%
|
| Talk: | 8.75%
|
| Call options: | On or after June 15, 2027 at par plus accrued distributions
|
| Pricing date: | May 8
|
| Settlement date: | May 15
|
| Expected listing: | NYSE: GLOPPrA
|
| Cusip: | Y2687W116
|
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