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GasLog completes issuance of bonds

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LNG Industry,


Recently, GasLog Ltd – a global owner, operator and manager of LNG carriers – announced that it was considering the issuance of new five-year senior unsecured bonds in the Norwegian bond market. The company has now confirmed that it has successfully completed the issuance of NOK750 million (US$90 million equivalent) of such bonds, which will mature in May 2021, and have a coupon of 6.9% over 3 month NIBOR. The company claims that the offering was oversubscribed.

Although the transaction is still subject to customary closing conditions, the settlement is expected to be completed on 27 June 2016. The company’s existing bonds that will mature in June 2018 will be partly refinanced by the proceeds from the issuance.

The CFO of GasLog Ltd, Simon Crowe, said: “We launched this Norwegian bond with the aim of extending the maturity of half of our existing bonds, which fall due in 2018. I am delighted that we achieved this objective. GasLog continues to actively manage its balance sheet, positioning the company for growth as the LNG shipping markets improve."

In connection with the transaction, Arctic Securities served as the co-manager, whilst SEB, Nordea Markets and DNB Markets acted the joint lead managers and book runners.

Edited from press release by David Rowlands

Read the article online at: https://www.lngindustry.com/lng-shipping/15062016/gaslog-completes-issuance-of-bonds-2606/

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