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August 14, 2014
07:10 EDTGLOG, GLOPGasLog 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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April 30, 2015
07:16 EDTGLOPGasLog Partners reports Q1 common unit EPS 67c, consensus 46c
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April 21, 2015
07:13 EDTGLOG, GLOPGasLog announces time charter of up to 9 newbuildings to BG Group
GasLog (GLOG) and GasLog Partners (GLOP) announced that GasLog has agreed to charter to Methane Services, a subsidiary of BG Group (BRGYY), three of GasLog’s uncontracted newbuilds that are currently under construction. MSL also has an option to elect to charter an additional six newbuilds provided it makes that election within 2015. The highlights of this transaction are as follows: MSL will charter three newbuildings commencing mid-2018 and early 2019 for average initial terms of approximately 9.5 years at attractive rates; These charters will add approximately $845M of fixed rate revenue to GasLog’s existing contracted revenue backlog; MSL has an option exercisable within 2015 to charter an additional six newbuildings for average initial terms of approximately 10 years; The six option vessels would add approximately $1.8B of fixed rate contracted revenue should MSL exercise its option.

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