GasLog Partners LP has entered into an agreement with GasLog Ltd to purchase 100% of the shares in the entity that owns and charters the GasLog Seattle LNG carrier.
The aggregate purchase price for the acquisition will be US$189 million, which includes US$1 million for positive net working capital balances to be transferred with the LNG carrier.
GasLog Partners expects to finance the acquisition with cash on hand, including proceeds from its recent equity offering, and the assumption of GasLog Seattle's existing debt. The acquisition is expected to close in 4Q16 and is subject to satisfaction of certain closing conditions.
GasLog Seattle is a 155 000 m3 tri-fuel diesel electric LNG carrier built in 2013 and operated by GasLog since delivery. The LNG carrier is currently on a multi-year time charter with a wholly owned subsidiary of Royal Dutch Shell plc through December 2020. Shell has two consecutive 5-year extension options, which if exercised, would extend the charter for a period of either 5 or 10 years.
GasLog Partners estimates that GasLog Seattle will add approximately US$20 million to EBITDA and US$10 million to distributable cash flow in the first 12 months after closing.
Read the article online at: https://www.lngindustry.com/lng-shipping/27102016/gaslog-partners-agrees-to-purchase-gaslog-seattle-lng-carrier/