GasLog announced that its public offering of 9,500,000 common shares was priced at $15.75 per share. The offering was upsized from the previously announced 8,400,000 common shares. The company is also selling approximately $36.5 million of common shares at the public offering price in a private placement to certain of its directors and officers and one of its major shareholders.
The net proceeds from the Public Offering and the Private Placement, after deducting underwriting discounts and other offering expenses, are expected to be approximately $178 million. The company has also granted the underwriters a 30-day option to purchase up to an additional 1,425,000 shares of its common shares.
The company plans to use the net proceeds of the public offering and private placement to fund a portion of the purchase price of the company’s recently announced purchase of three LNG carriers from Methane Services (MSL), an affiliate of BG Group, and for general corporate purposes.
Citigroup Global Markets and RS Platou Markets AS are acting as joint book-running managers of the offering, which is being made under an effective shelf registration statement.
Press Release, January 17, 2014