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GasLog Partners Eyes USD 97mln through IPO

Image: GasLog Partners LP.

By Aiswarya Lakshmi

US based LNG carrier GasLog Partners is expecting to raise up to USD 97 million by selling shares to finance future fleet expansion.

The New York-listed spinoff of LNG shipper GasLog has announced that it has priced its public offering of 4 million units of its 8.200% Series B Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units, liquidation preference US$25.00 per unit at a price to the public of US$25.00 per unit.
The underwriters have a 30-day option to purchase up to 600,000 additional Series B Preference Units from the Partnership. The Partnership intends to file an application to list the Series B Preference Units on the New York Stock Exchange. The offering is expected to close on or about January 17, 2018.
The net proceeds from the offering after deducting underwriting discounts and commissions are expected to be approximately $97,016,950. The Partnership plans to use the net proceeds from the public offering for general partnership purposes, which may include future acquisitions, debt repayment, capital expenditures and additions to working capital.
Morgan Stanley, UBS Investment Bank, Stifel and Citigroup are acting as joint book-runners for the offering and Credit Suisse is acting as co-manager for the offering.

Jan 10, 2018



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