GasLog Ltd. Announces the Closing of its Public Offering of 8.875% Senior Notes Due 2022 At a Price of 102.5% of Par
GasLog Ltd., an international owner, operator and manager of liquefied natural gas (“LNG”) carriers, announced today the closing of its public offering of an additional $75.0 million aggregate principal amount of its 8.875% Senior Notes due 2022 (the “Notes”). The Notes were an issuance of further notes of the same series under the indenture pursuant to which the Company previously issued $250.0 million aggregate principal amount of the Company’s 8.875% Senior Notes due 2022 (the “Existing Notes”). The Notes were issued at 102.5% of the principal amount, plus accrued interest totaling $0.9 million in the aggregate from March 30, 2019, the most recent date on which interest on the Existing Notes was paid, to May 16, 2019, with a yield to maturity of 7.885%.
The net proceeds from the offering after deducting the underwriting discount and estimated offering expenses are expected to be approximately $75.3 million. The Company plans to use the net proceeds from the offering to partially fund the Company’s committed growth capital program and for general corporate purposes, including working capital.
Credit Suisse Securities (USA) LLC, DNB Markets, Inc. and Stifel, Nicolaus & Company, Incorporated acted as joint book-running managers of the offering.
The offering was made only by means of a prospectus supplement and accompanying base prospectus
Source: GasLog Ltd.