Livanos’ GasLog Partners LP Refinances its Existing Credit Facilities
GasLog Partners LP announced today that the Partnership’s vessel owning subsidiaries have signed the previously announced $450.0 million credit 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.
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.
Source: GasLog Partners LP
