Monaco-headquartered owner and operator of liquefied natural gas (LNG) carriers GasLog Ltd. has launched a debt financing of USD 1.05 billion with a number of international banks to re-finance six legacy vessel facilities.
The company said that the re-financing covers eight on-the-water vessels, which were delivered between 2010 and 2015.
The vessels in question are the GasLog Savannah, GasLog Singapore, GasLog Chelsea, GasLog Skagen, GasLog Seattle, Solaris, GasLog Saratoga and GasLog Salem, which feature some 155,000 cbm.
Namely, the debt financing covers re-financing of USD 960 million of bank debt across six legacy facilities.
GasLog also said that the new financing includes a USD 100 million revolving credit facility creating additional liquidity and a tenor of 5 years which extends the maturity of the existing facilities to 2021.
Furthermore, the re-financing “simplifies GasLog’s bank facilities and aligns the terms and covenants across our four facilities. The Legacy Facility Re-financing further extends GasLog’s maturities, strengthens the balance sheet and creates additional liquidity for the company as we look to pursue a number of interesting growth opportunities in the LNG carrier and FSRU sectors,” Simon Crowe, Chief Financial Officer, said.
The company added that the re-financing, which is in line with GasLog’s existing facilities, is expected to close early in the second half of 2016.
Following the completion of this financing, the shipowner will have four debt facilities in total.