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GasLog announces US$1.05 billion financing facility for six legacy vessel facilities

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LNG Industry,

GasLog Ltd – a global owner, operator and manager of LNG carriers – has announced that it has launched a US$1.05 billion debt financing with multiple international banks in order to refinance six legacy facilities. The refinancing will cover the following eight vessels that were delivered in 2010 – 2015: GasLog Savannah; GasLog Singapore; GasLog Chelsea; GasLog Skagen; GasLog Seattle; Solaris; GasLog Saratoga; and GasLog Salem. Key highlights of the refinancing include the following:

  • Refinances US$960 million of bank debt across six legacy facilities.
  • Includes a revolving credit facility (RCF) worth US$100 million, which will create further liquidity.
  • Tenor of 5 years increases the existing facilities’ maturity to 2021.
  • Attractive weighted-average margin.
  • Helps simplify GasLog’s bank debt into four multi-vessel facilities. Previously, there were nine debt facilities in total.

At present, the legacy facility is still in the documentation stage, although it is expected to close in early 2H16.

The CFO, Simon Crowe, said: “I am delighted to announce this re-financing, which simplifies GasLog's bank facilities and aligns the terms and covenants across our four facilities. The Legacy Facility Re-financing further extends GasLog's maturities, strengthens the balance sheet and creates additional liquidity for the company as we look to pursue a number of interesting growth opportunities in the LNG carrier and FSRU sectors."

Edited from press release by David Rowlands

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