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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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August 27, 2015
10:06 EDTGLOGHigh option volume stocks
High option volume stocks: GLOG ACI NGD BEAT BAX TTPH STJ FNF SSTK
August 24, 2015
10:10 EDTGLOGHigh option volume stocks
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August 18, 2015
07:03 EDTGLOGDynagas, GasLog, Golar LNG to establish, operate LNG Carrier Pool
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07:02 EDTGLOGDynagas, GasLog, Golar enter LNG Carrier Pool agreement
Dynagas (DLNG), GasLog (GLOG), and Golar LNG (GLNG), jointly announce that they have entered into an LNG carrier pooling agreement to market their vessels, which are currently operating in the LNG shipping spot market. Tony Lauritzen has agreed to take overall responsibility for the running of The Cool Pool and Morten Nielsen has been appointed as Pool Manager, with the mandate to schedule employment for each pool vessel. The Cool Pool will focus exclusively on charters of 12 months duration or less. The scheduling of employment opportunities in excess of 12 months will remain the mandate of the respective vessel owner. If a pool vessel is scheduled by an owner for a charter that exceeds 12 months in duration such vessel will cease to form part of the LNG Carrier Pool's fleet. It is anticipated that The Cool Pool will commence operation in September 2015.

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