GasLog, an international owner, operator and manager of liquefied natural gas carriers, launched a debt financing of $1.05 billion with a number of international banks to re-finance six legacy facilities. The legacy facility refinancing covers eight on-the-water vessels, which were delivered between 2010 and 2015
The key highlights of the $1.05 billion refinancing are as follows:
- Refinances $960 million of bank debt across six legacy facilities
- Includes a $100 million revolving credit facility, creating additional liquidity
- Tenor of five years extends the maturity of the existing facilities to 2021
- Attractive weighted-average margin
- Simplifies GasLog’s bank debt into four multi-vessel facilities
Terms of the refinancing are in line with GasLog’s existing facilities, demonstrating the banks’ strong appetite to lend to leading companies in the LNG industry. The facility is currently in the documentation stage and is expected to close in the first half of 2016.
Simon Crowe, chief financial officer, commented, “I am delighted to announce this refinancing, which 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.”
Citibank, Credit Suisse AG and Nordea Bank are acting as mandated lead arrangers and Joint Bookrunners. Citi is also acting as Global Coordinator.
GasLog is an international owner, operator and manager of LNG carriers.