GasLog Wraps Up USD 90 Mn Bond Sale

Owner and operator of LNG carriers GasLog Ltd. has completed the issuance of NOK 750 million (USD 90 million) of new senior unsecured bonds in the Norwegian bond market.

The company said that the new five year senior unsecured bonds will mature in May 2021 and will have a coupon of 6.9% over 3 month NIBOR, adding that the offering was oversubscribed.

According to GasLog, the transaction is subject to customary closing conditions and settlement is expected to finalize on June 27, 2016.

The NYSE-listed company intends to use the proceeds from the issuance to partly refinance its existing bonds maturing in June 2018.

“We launched this Norwegian bond with the aim of extending the maturity of half of our existing bonds, which fall due in 2018. GasLog continues to actively manage its balance sheet, positioning the company for growth as the LNG shipping markets improve,” Simon Crowe, Chief Financial Officer of GasLog Ltd., said.

DNB Markets, Nordea Markets and SEB have been appointed as joint lead managers in connection with the potential transaction.

At the end of March, GasLog took delivery of the first of eight of the company’s G-Class vessels, the GasLog Greece.

Constructed at Samsung Heavy Industries in South Korea, the 174,000 cubic meter tri-fuel diesel electric (TFDE) LNG carrier is the first of four newbuilding deliveries for GasLog in 2016

Following delivery, the GasLog Greece has commenced a 10-year charter with a subsidiary of Royal Dutch Shell plc.

All of the new G-Class vessels, scheduled to join Gaslog’s fleet over the next 3 years, have firm, long-term contracts.

During the first quarter of the year, the company recorded a loss of USD 5.3 million, against a USD 13.9 million profit for the same period a year earlier. The decrease in profit was mainly attributable to decreased revenues from vessels’ operations in the weak spot market, increased financial costs derived mainly from higher average outstanding debt and increased amortization of deferred loan fees.

The company’s revenues for the quarter stood at USD 104.4 million, compared to USD 97.3 million in the first quarter of 2015. The revenue was mainly driven by the new acquisitions and deliveries in GasLog’s fleet, which was partially offset by the adverse impact of the current weak spot market for certain vessels.

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