GasLog Partners LP (the “Partnership”) (NYSE:GLOP) today announced that it has priced its public offering of 4,500,000 common units at $31.00 per common unit. The underwriters have a 30-day option to purchase up to 675,000 additional common units from the Partnership.
The Partnership plans to use the net proceeds from the public offering to fund the previously announced acquisition of 100% of the ownership interests in GAS-sixteen Ltd. and GAS-seventeen Ltd., the entities that own the liquefied natural gas (“LNG”) carriers the Methane Rita Andrea and the Methane Jane Elizabeth, respectively, from GasLog Ltd. (NYSE: GLOG), and to prepay amounts under an existing credit facility related to the vessels being acquired.
Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Wells Fargo Securities, LLC, Barclays Capital Inc. and Evercore Group L.L.C. are acting as joint book-running managers and Deutsche Bank Securities Inc., DNB Markets, Inc., Morgan Stanley & Co. LLC and UBS Investment Bank are acting as co-managers for the offering.
The offering is being made only by means of a prospectus. A copy of the prospectus relating to the offering may be obtained from: Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (tel: (800) 831-9146); Credit Suisse Securities (USA) LLC, Attention: Credit Suisse Prospectus Department, One Madison Avenue, New York, NY 10010, by telephone: 800-221-1037; and Wells Fargo Securities, Attention: Equity Syndicate Department, 375 Park Avenue, New York, New York, 10152, by telephone: 800-326-5897.
A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission on September 23, 2014. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
About GasLog Partners LP
GasLog Partners LP is a
growth-oriented master limited partnership formed by GasLog Ltd. to own,
operate and acquire liquefied natural gas (“LNG”) carriers under
long-term charters. The initial fleet of GasLog Partners LP consists of
three LNG carriers, before giving effect to the proposed acquisition,
each of which has a carrying capacity of 155,000 cbm and a multi-year
charter.
Forward Looking Statements
This press release contains
“forward-looking statements” as defined in the Private Securities
Litigation Reform Act of 1995. The reader is cautioned not to rely on
these forward-looking statements. All statements, other than statements
of historical facts, that address activities, events or developments
that GasLog Partners expects, projects, believes or anticipates will or
may occur in the future, including, without limitation, future operating
or financial results and future revenues and expenses, future, pending
or recent acquisitions, general market conditions and shipping industry
trends, the financial condition and liquidity, cash available for
distribution, future capital expenditures and drydocking costs and
newbuild vessels and expected delivery dates, are forward looking
statements. These statements are based on current expectations of future
events. If underlying assumptions prove inaccurate or unknown risks or
uncertainties materialize, actual results could vary materially from our
expectations and projections. Risks and uncertainties include, but are
not limited to, general LNG and LNG shipping market conditions and
trends, including charter rates, ship values, factors affecting supply
and demand of LNG and LNG shipping, technological advancements and
opportunities for the profitable operation of LNG carriers; our ability
to enter into time charters with our existing customers as well as new
customers; our contracted charter revenue; our customers’ performance of
their obligations under our time charters and other contracts; the
effect of volatile economic conditions and the differing pace of
economic recovery in different regions of the world; future operating or
financial results and future revenues and expenses; our future financial
condition and liquidity; our ability to obtain financing to fund capital
expenditures, acquisitions and other corporate activities, funding by
banks of their financial commitments, and our ability to meet our
obligations under our credit facilities; future, pending or recent
acquisitions of ships or other assets; business strategy, areas of
possible expansion and expected capital spending or operating expenses;
our expectations relating to distributions of available cash and our
ability to make such distributions; our ability to enter into
shipbuilding contracts for newbuildings and our expectations about the
availability of existing LNG carriers to purchase, as well as our
ability to consummate any such acquisitions; our expectations about the
time that it may take to construct and deliver newbuildings and the
useful lives of our ships; number of off-hire days, drydocking
requirements and insurance costs; our anticipated general and
administrative expenses; fluctuations in currencies and interest rates;
our ability to maintain long-term relationships with major energy
companies; expiration dates and extensions of our time charters; our
ability to maximize the use of our ships, including the re-employment or
disposal of ships no longer under time charter commitments;
environmental and regulatory conditions, including changes in laws and
regulations or actions taken by regulatory authorities; our continued
compliance with requirements imposed by classification societies; risks
inherent in ship operation, including the discharge of pollutants;
availability of skilled labor, ship crews and management; potential
disruption of shipping routes due to accidents, political events, piracy
or acts by terrorists; and potential liability from future litigation.
For a discussion of some of the risks and important factors that could affect future results, see the discussion in the GasLog Partners’ registration statement on Form F-1 (File No. 333-198133) under the caption “Risk Factors.” We do not undertake to update any forward-looking statements as a result of new information or future events or developments.
Contacts:
Simon Crowe, +377-9797-5115
CFO
or
Jamie
Buckland, +377-9797-5118
Head of Investor Relations