GasLog Partners LP has announced the closing of its public offering of 4,500,000 common units representing limited partner interests.
The public offering price was US$ 31.00 per common unit. The net proceeds from the offering, after deducting underwriting discounts and other offering expenses, and including approximately US$ 2.85 million received from GasLog Ltd. to maintain its 2.0% general partner interest in the partnership, were approximately US$ 136 million.
GasLog Partners used the net proceeds from the offering to fund the previously announced acquisition of 100% of the ownership interests in GAS-sixteen Ltd. and GAS-seventeen Ltd., the entities that own the LNG carriers the Methane Rita Andrea and the Methane Jane Elizabeth, respectively, from GasLog Ltd., and to prepay amounts under an existing credit facility related to the vessels being acquired. The acquisition closed concurrently with the closing of the offering.
Andy Orekar, CEO of GasLog Partners, stated: “The successful completion of GasLog Partners' first dropdown acquisition only five months after our IPO marks a significant milestone for the Partnership. This transaction delivers immediate accretion to GasLog Partners' distributable cash flow per unit, while the remaining multi-year pipeline of eligible dropdown vessels at GasLog Ltd. provides a highly visible path to future growth. Furthermore, we believe GasLog Partners’ conservative balance sheet, bolstered by this equity offering, provides us flexibility to pursue additional acquisitions and substantially grow cash distributions for our unitholders.”
Adapted from press release by Katie Woodward
Read the article online at: https://www.lngindustry.com/lng-shipping/29092014/gaslog-closes-public-offering-1494/