GasLog Partners to price perpetual cumulative fixed-to-floating preference units

By Abigail W. Adams

Portland, Me., Jan. 9 – GasLog Partners LP plans to price an offering of perpetual series B cumulative redeemable fixed-to-floating rate preference units, according to a preliminary prospectus filed with the Securities and Exchange Commission Tuesday.

The $25-par preference units will carry a fixed dividend until March 15, 2023, then a floating dividend equal to Libor plus a still to be determined spread.

Morgan Stanley & Co. LLC, UBS Securities LLC, Stifel Nicolaus & Co. Inc. and Citigroup Global Markets Inc. are acting as joint bookrunners for the offering, which carries a greenshoe. Credit Suisse Securities (USA) LLC is acting as co-manager.

The notes are callable at par beginning on March 15, 2023. There is takeover protection.

Blenheim Holdings Ltd., GasLog’s largest shareholder, intends to purchase up to $5 million of the preference units at the public offering price, according to the preliminary prospectus.

The preference units will be listed on the New York Stock Exchange under the symbol “GLOPPrB.” Proceeds will be used for general partnership purposes.

GasLog Partners LP is a Monaco-based growth-oriented limited partnership focused on owning, operating and acquiring liquid natural gas carriers.

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