GasLog Partners LP (NYSE:GLOP) (“GasLog Partners” or the “Partnership”)
announced today that the Partnership’s vessel owning subsidiaries have
signed the previously announced $450.0 million credit facility (the “New
Facility”) to refinance the $486.7 million outstanding under the
Partnership’s existing three credit facilities (the “Existing
Facilities”). The borrowers under the New Facility are the Partnership’s
vessel owning subsidiaries (the “Borrowers”), and the lenders and
arrangers are Citibank, N.A., London Branch, Nordea Bank Finland plc,
London Branch, DVB Bank America N.V., ABN Amro Bank N.V., Skandinaviska
Enskilda Banken AB and BNP Paribas.
Andrew Orekar, Chief Executive Office of GasLog Partners commented, “I
am very pleased to have signed this financing, at what I believe are
attractive rates, six months after completing our initial public
offering in May. This financing simplifies the Partnership’s funding
arrangements, bringing the existing loans into one single facility.”
The obligations of the Borrowers under the New Facility are guaranteed
by the Partnership and GasLog Partners Holdings LLC, a wholly owned
subsidiary of the Partnership, and the New Facility is secured by a
first priority mortgage on each of the Partnership’s vessels. The New
Facility will be payable over five years in 20 equal installments of
$5.6 million with a balloon payment of $337.5 million payable together
with the final quarterly payment. The New Facility contains the terms
disclosed in our Registration Statement on Form F-1 (File
No. 333-198133).
In connection with the refinancing, GasLog Ltd. will be released from
its guarantee of the borrowers’ obligations under the Existing
Facilities and will not be a guarantor under the New Facility. The
Partnership and GasLog Partners Holdings LLC will also be released from
their guarantees of the obligations of GAS-eighteen Ltd., a subsidiary
of GasLog Ltd., under the Existing Facilities. GAS-eighteen Ltd. and the
LNG carrier it owns are subject to the Partnerships purchase option
under an omnibus agreement entered into in connection with the
Partnership’s initial public offering.
About GasLog Partners
GasLog Partners LP is a growth-oriented master limited partnership
focused on owning, operating and acquiring liquefied natural gas (“LNG”)
carriers under long-term charters. GasLog Partners LP’s fleet consists
of five LNG carriers with an average carrying capacity of 151,000 cbm,
each of which has a multi-year charter.
Forward-Looking Statement
This press release contains “forward-looking statements” as defined in
the Private Securities Litigation Reform Act of 1995. All statements,
other than statements of historical facts, that address activities,
events or developments that GasLog Partners expect, project, believe or
anticipate will or may occur in the future, including, without
limitation, future operating or financial results and future revenues
and expenses, are forward looking statements. These statements are based
on current expectations of future events but are subject to various
risks and uncertainties, including, without limitation, general LNG and
LNG shipping market conditions and trends, our ability to enter into
time charters with our existing customers as well as new customers,
areas of possible expansion and expected capital spending or operating
expenses, our expectations relating to distributions and our ability to
make such distributions, our ability to obtain financing to fund capital
expenditures, acquisitions and other corporate activities, funding by
banks of their financial commitments, and our ability to meet our
obligations under our credit facilities, and other risks and
uncertainties discussed in our registration statement on Form F-1 (File
No. 333-198133) under the caption “Risk Factors”. If underlying
assumptions prove inaccurate or unknown risks or uncertainties
materialize, actual results could vary materially from our expectations
and projections. We do not undertake to update any forward-looking
statements as a result of new information or future events or
developments.
Copyright Business Wire 2014