New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
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
Sign up for a free trial to see the rest of the stories you've been missing.
October 30, 2014
08:14 EDTGLOPGasLog Partners expects next wave of LNG projects in late FY14 into FY15
The company said, "In late FY14 into FY15, we expect the next wave of LNG projects to start coming online in Australia with the Curtis project expected later this year, followed by the Gladstone, Gorgon and Australia Pacific projects beginning to deliver material additional volumes of LNG to the market. In total, there is currently over 115mtpa of new LNG production capacity for which FID has been taken but where production has yet to commence. This supports our expectation that the medium to long-term outlook for LNG shipping is very positive."
08:09 EDTGLOPGasLog Partners reports Q3 EPS 56c, consensus 38c
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use