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News Breaks
August 14, 2014
07:10 EDTGLOP, GLOGGasLog Partners announces first option vessels acquisition from GasLog Ltd
GasLog Partners LP (GLOP) and GasLog Ltd. (GLOG) have entered into an agreement for the Partnership to purchase from GasLog, the sole member of the Partnership’s general partner and the Partnership’s majority unitholder, 100% of the shares in the entities that own and charter the Methane Jane Elizabeth and Methane Rita Andrea, modern liquefied natural gas carriers built in 2006, each with a capacity of 145,000 cubic meters, for an aggregate purchase price of $328M. The Acquisition is subject to the Partnership obtaining the funds necessary to pay the purchase price and the satisfaction of certain other closing conditions. The Partnership expects to finance the acquisition with a combination of equity and the assumption of the vessels’ existing credit facilities. In addition, the Partnership has entered into a commitment letter with Citibank for a new $450M credit facility to refinance the current credit facilities of the vessels currently owned by the Partnership as well as the facilities for the two LNG carriers being acquired. The Acquisition is a significant milestone for GasLog Partners and GasLog Ltd. as it marks the first transaction carried out by the two entities since GasLog Partners’ IPO in May. The Partnership believes that the Acquisition is immediately accretive and consistent with its strategy to grow cash distributions for its unitholders through accretive dropdown and third-party acquisitions. The Partnership estimates that the vessels being acquired will annually generate $47.7M of incremental contracted revenue over their initial charter terms, assuming full utilization, and $34.5M of EBITDA. The Board of Directors of GasLog, Board of Directors of the Partnership and the Conflicts Committee of the Board have approved the Acquisition. Following the completion of the Acquisition, the Partnership’s management intends to recommend to the Board an increase in the Partnership’s quarterly cash distribution per unit of between $0.05625 and $0.06250, an increase of approximately 15% above the existing minimum quarterly distribution and an annualized increase of between $0.225 and $0.250 per unit. When combined with the existing minimum quarterly cash distribution of $0.375, this proposed increase results in a cash distribution of between $0.43125 to $0.43750 per quarter. Any such increase would be conditioned upon, among other things, the closing of the Acquisition, the approval of such increase by the Board and the absence of any material adverse developments or potentially attractive opportunities that would make such an increase inadvisable.
News For GLOG;GLOP From The Last 14 Days
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December 11, 2014
10:13 EDTGLOG, GLOPOn The Fly: Analyst Initiation Summary
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06:39 EDTGLOGGasLog initiated with a Buy at Canaccord
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06:39 EDTGLOPGasLog Partners initiated with a Hold at Canaccord
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December 10, 2014
10:00 EDTGLOGOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: 3D Systems (DDD) initiated with an Underperform at Longbow... AutoZone (AZO) initiated with a Buy at Nomura... C.H. Robinson (CHRW) initiated with a Neutral at Nomura... CSX (CSX) initiated with a Buy at Nomura... CVS Health (CVS) initiated with a Neutral at Citigroup... Canadian National (CNI) initiated with a Neutral at Nomura... Carrizo Oil & Gas (CRZO) initiated with a Buy at Canaccord... CenterPoint Energy (CNP) initiated with a Neutral at Nomura... Con-way (CNW) initiated with a Neutral at Nomura... Cornerstone OnDemand (CSOD) initiated with a Buy at BofA/Merrill... Depomed (DEPO) initiated with an Outperform at RBC Capital... Dollar General (DG) initiated with a Buy at Citigroup... Dollar Tree (DLTR) initiated with a Neutral at Citigroup... Dynagas LNG (DLNG) initiated with a Buy at ABN Amro... EMC (EMC) initiated with a Neutral at JPMorgan... Energy Focus (EFOI) initiated with a Buy at Roth Capital... Expeditors (EXPD) initiated with a Neutral at Nomura... GasLog (GLOG) initiated with a Buy at ABN Amro... Genesee & Wyoming (GWR) initiated with a Neutral at Nomura... Golar LNG (GLNG) initiated with a Sell at ABN Amro... HII Technologies (HIIT) initiated with a Buy at Roth Capital... Hudbay Minerals (HBM) initiated with an Overweight at Barclays... J.B. Hunt (JBHT) initiated with a Buy at Nomura... Kansas City Southern (KSU) initiated with a Buy at Nomura... Kroger (KR) initiated with a Buy at Citigroup... Lear (LEA) initiated with a Buy at Northcoast... Lundin Mining (LUNMF) initiated with an Overweight at Barclays... NetApp (NTAP) initiated with a Neutral at JPMorgan... Norfolk Southern (NSC) initiated with a Neutral at Nomura... PROS (PRO) initiated with an Outperform at Pacific Crest... Qlik Technologies (QLIK)initiated with a Buy at BofA/Merrill... Rentokil (RTOKY) initiated with a Neutral at UBS... Revolution Lighting (RVLT) initiated with a Buy at Roth Capital... ServiceNow (NOW) initiated with a Buy at BofA/Merrill... Stratasys (SSYS) initiated with a Neutral at Longbow... Suburban Propane (SPH) initiated with a Hold at Stifel... Tableau (DATA) initiated with a Buy at BofA/Merrill... Teekay LNG (TGP) initiated with a Buy at ABN Amro... Tessera (TSRA) initiated with a Buy at Sidoti... Union Pacific (UNP) initiated with a Buy at Nomura... Viper Energy (VNOM) initiated with a Buy at Stifel... Visteon (VC) initiated with a Buy at Northcoast... Walgreen (WAG) initiated with a Buy at Citigroup... Werner (WERN) initiated with a Neutral at Nomura.
08:24 EDTGLOGGasLog initiated with a Buy at ABN Amro
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December 8, 2014
10:00 EDTGLOGOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Antero Resources (AR) upgraded to Buy from Neutral at Citigroup... Apache (APA) upgraded to Buy from Neutral at Citigroup... Applied Materials (AMAT) upgraded to Buy from Hold at Deutsche Bank... Arch Capital (ACGL) upgraded to Outperform from Market Perform at BMO Capital... CU Bancorp (CUNB) upgraded to Buy from Hold at Sandler O'Neill... Calpine (CPN) upgraded to Outperform from Neutral at Macquarie... Commerzbank (CRZBY) upgraded to Market Perform from Underperform at Keefe Bruyette... EastGroup Properties (EGP) upgraded to Neutral from Underperform at Credit Suisse... Enbridge Energy Management (EEQ) upgraded to Equal Weight at Morgan Stanley... Enbridge Energy (EEP) upgraded to Equal Weight from Underweight at Morgan Stanley... GasLog (GLOG) upgraded to Buy from Hold at Stifel... Hoegh LNG (HMLP) upgraded to Buy from Neutral at UBS... Illinois Tool Works (ITW) upgraded to Buy from Accumulate at Global Hunter... LaSalle Hotel (LHO) upgraded at Morgan Stanley... Lufthansa (DLAKY) upgraded to Buy from Neutral at Nomura... NASDAQ (NDAQ) upgraded to Outperform from Market Perform at Keefe Bruyette... Newfield Exploration (NFX) upgraded to Buy from Neutral at Citigroup... Omega Healthcare (OHI) upgraded to Buy from Hold at Jefferies... Orange SA (ORAN) upgraded to Conviction Buy from Neutral at Goldman... SM Energy (SM) upgraded to Outperform from Market Perform at BMO Capital... Southwest (LUV) upgraded at Goldman... TSMC (TSM) upgraded to Buy from Neutral at BofA/Merrill... United Technologies (UTX) upgraded at Bernstein... eBay (EBAY) upgraded to Buy from Hold at Stifel.
06:34 EDTGLOGGasLog upgraded to Buy from Hold at Stifel
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