GasLog Partners LP Closes New Loan Agreement, Refinancing 2019 Debt Maturity And Increasing Available Liquidity
March 08 2019 - 7:10AM
GasLog Partners LP ("GasLog Partners" or the “Partnership”) (NYSE:
GLOP) is pleased to announce the closing of a new loan agreement
(the “2019 GasLog Partners Facility”), which successfully
refinances the debt facility (the “Partnership Facility”) that was
due to mature in November 2019.
On March 7, 2019, GasLog Partners and certain subsidiaries of
the Partnership closed a loan agreement with Credit Suisse AG
acting as Global Co-ordinator and Mandated Lead Arranger, Nordea
Bank ABP, filial I Norge as Mandated Lead Arranger, security agent
and trustee, Development Bank of Japan, Inc. and Iyo Bank, Ltd.
Singapore Branch, for a credit facility for up to $450 million with
a tenor of five years.
The 2019 GasLog Partners Facility has been partially drawn on
closing to refinance in full the outstanding amounts under the
Partnership Facility, which totalled $360 million at December 31,
2018. As a result, the new facility delivers $90 million of
incremental headroom which, if drawn, could provide additional
liquidity for general corporate purposes, including potential
future acquisitions. Interest on the new facility is payable at a
rate of LIBOR plus 2.0-2.2% which represents a reduced margin above
LIBOR compared to the previous Partnership Facility. The
Partnership has also secured an improved covenant package in the
2019 GasLog Partners Facility.
The vessels covered by the 2019 GasLog Partners Facility are the
GasLog Shanghai, GasLog Santiago, GasLog Sydney, Methane Rita
Andrea and Methane Jane Elizabeth. It provides for an amortising
revolving credit facility which can be repaid and redrawn at any
time, subject to certain conditions. The total amount available
under the facility reduces in 20 equal quarterly amounts of $7.4
million with a final maximum balloon payment of $302.9 million on
maturity.
The 2019 GasLog Partners Facility is subject to certain
obligations, financial covenants and restrictions, and contains
customary events of default. Further detail is provided in the
GasLog Partners Annual Report on Form 20-F for the fiscal year
ended December 31, 2018, which was filed with the U.S. Securities
and Exchange Commission on February 26, 2019.
Contacts:
Phil CorbettHead of Investor RelationsPhone:
+44-203-388-3116
Joseph NelsonDeputy Head of Investor RelationsPhone: +1
212-223-0643
Email: ir@gaslogmlp.com
About GasLog Partners
GasLog Partners is a growth-oriented master limited partnership
focused on owning, operating and acquiring LNG carriers under
multi-year charters. Upon closing of the GasLog Glasgow
acquisition, GasLog Partners' fleet will consist of 15 LNG carriers
with an average carrying capacity of approximately 158,000 cbm.
GasLog Partners' principal executive office is located at Gildo
Pastor Center, 7 Rue du Gabian, MC 98000, Monaco. Visit the GasLog
Partners website at http://www.gaslogmlp.com
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