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GasLog and GasLog Partners refinance LNG carriers

Published by , Senior Editor
LNG Industry,


GasLog Ltd and GasLog Partners LP have entered into binding agreements for the refinancing of six LNG carriers, representing all debt maturities for both entities due in 2016 and 2017.

The refinancing was completed in two parts. The first part was for a senior and junior tranche mortgage debt refinancing on five contracted LNG carriers of up to US$576.5 million. The LNG carriers covered by this refinancing are the GasLog-owned Methane Lydon Volney and Methane Becki Anne, and GasLog Partners’ Methane Alison Victoria, Methane Shirley Elisabeth and Methane Heather Sally.

The second part was a sale and leaseback in Japan of the Methane Julia Louise LNG carrier with Mitsui & Co. Ltd. In this part, GasLog agreed to sell the LNG carrier and immediately lease it back on a bareboat charter for a period of up to 20 years. GasLog has the option to re-purchase the vessel on pre-agreed terms no earlier than the end of year 10 and no later than the end of year 17 of the bareboat charter. GasLog Partners retains its option to purchase the special purpose entity that controls the charter revenues of this vessel. The LNG carrier will remain on its 11 year charter with Methane Services Ltd, which is now a wholly owned subsidiary of Royal Dutch Shell plc following the completion of its acquisition of BG Group.

Simon Crowe, Chief Financial Officer at GasLog and GasLog Partners, said: "With the successful completion of these two financings, GasLog and GasLog Partners have no debt maturities until 2018. The completion of this Five Vessel Refinancing follows the US$1.3 billion newbuild financing we completed in October 2015, which provided GasLog with committed financing against all of its eight future newbuild deliveries.”


Edited from press release by

Read the article online at: https://www.lngindustry.com/lng-shipping/19022016/gaslog-and-gaslog-partners-refinance-lng-carriers-2022/

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