LNG carrier owners and operators, GasLog Partners LP, inform it has priced its initial public offering of 8,400,000 common units representing limited partner interests at $21.00 per common unit. The common units will begin trading on the New York Stock Exchange on May 7, 2014 under the ticker symbol “GLOP”. The offering is expected to close on May 12, 2014.
The underwriters have a 30-day option to purchase up to 1,260,000 additional common units from the MLP at the initial public offering price. GasLog will retain 1,422,358 of the MLP’s common units if the underwriters’ option to purchase additional common units is not exercised or will retain 162,358 common units if the option is exercised in full, as well as all of the MLP’s subordinated units, general partner interest and incentive distribution rights.
GasLog say that the proceeds from the offering will be used principally to reduce indebtedness and for general partnership purposes, with the remainder to be distributed to GasLog. The MLP is a Marshall Islands limited partnership and is currently a wholly owned subsidiary of GasLog. GasLog will contribute three of its existing LNG carriers with multi-year charters to the MLP.
Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Wells Fargo Securities, LLC, Barclays Capital Inc., Evercore Group L.L.C. and UBS Securities LLC are acting as joint book-running managers and Deutsche Bank Securities Inc. and DNB Markets, Inc. are acting as co-managers for the offering.
About the Company
GasLog is an international owner, operator and manager of LNG carriers. Following the recently announced agreement to purchase three additional LNG carriers from an affiliate of BG Group, GasLog’s fleet will include 21 wholly owned LNG carriers (including 14 ships in operation and seven LNG carriers on order) and GasLog will have 6 LNG carriers operating under its technical management for third parties.