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GasLog sells shares to subsidise LNG carriers’ purchase

LNG Industry,

The LNG carrier support network company GasLog Ltd announced yesterday that it was offering the public the chance to place a stake in a total of 9.5 million shares worth US$ 15.75 each. The total common shares offered originally stood at 8.4 million. The company intends to use the net proceeds to part-subsidise its recent purchase of three LNG carriers from Methane Services Ltd, an affiliate of BG Group.

The company announced that it is also selling approximately US$ 36.5 million of common shares at the public offering price in a private placement to certain in house directors and officers and one of its major shareholders. This is known as the Private Placement.

The net proceeds from the Public Offering and the Private Placement, after deducting underwriting discounts and other offering expenses, are expected to be approximately US$ 178 million. GasLog has also granted the underwriters a 30-day option to purchase up to an additional 1.425 million shares of its common shares.

Citigroup Global Markets Inc. and RS Platou Markets AS are acting as joint book-running managers of the offering, which is being made under an effective shelf registration statement.

The offering is expected to close around January 22, 2014.

Adapted from press release by Ted Monroe

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