GasLog and GasLog Partners entered into binding agreements for the re-financing of six vessels, representing all debt maturities for both entities due in 2016 and 2017. The refinancing was completed in two parts:
- A senior and junior tranche mortgage debt refinancing on five contracted vessels of up to $576.5 million; and
- A sale and leaseback in Japan of the Methane Julia Louise with Mitsui, where GasLog has agreed to sell the vessel and immediately thereafter lease it back on a bareboat charter.
The transactions refinance all 2016 and 2017 debt maturities leaving GasLog and GasLog Partners with no re-financing requirements until 2018.
Gaslog said ABN AMRO and DNB (UK) were mandated lead arrangers of the transaction. The other banks in the syndicate included: DVB Bank America, Commonwealth Bank of Australia, ING Bank (London Branch), Credit Agricole and National Australia Bank Limited.
The terms of this five vessel refinancing, which is secured against contracted, modern LNG carriers with a strong counterparty, are in line with GasLog’s other secured debt facilities.