Photo: Illustration only; Courtesy of GasLog

GasLog gets $325m financing from US investment firms

Greek owner and operator of LNG carriers GasLog has entered into a note purchase agreement with the U.S.-based investment companies Carlyle and EIG for an amount of up to $325 million.

GasLog gets $325m financing from Carlyle and EIG
Illustration only; Courtesy of GasLog

Specifically, the amount is up to $325 million of 7.75 per cent notes due 2029 (the facility).

Carlyle’s Global Credit platform made the investment with capital primarily from its infrastructure credit fund. On the other hand, EIG made the investment through global project fund V. It also used other funds and accounts in its direct lending platform.

GasLog expects to draw down the facility in March 2022.

The proceeds of the facility will go to refinance the company’s 8.875 per cent senior notes due in March 2022. 

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Any remaining proceeds can go to paying transaction costs and expenses incurred in connection with the private placement and/or general corporate purposes.

GasLog operates a fleet of 35 LNG carriers. Of these, 17 (15 on the water and two on order) are owned by the company themselves three have been sold to a subsidiary of Mitsui, CMBFL and ICBC respectively, and leased back under long-term charters, and the remaining 15 LNG carriers are owned by the company’s subsidiary GasLog Partners.