GasLog obtains bond terms amendment
GasLog said that it has received approval from its Norwegian Bondholders to amend the bond agreement entered into with the Nordic Trustee ASA in June 2013.
GasLog said in a statement it has grown significantly since the initial launch of the bond in June 2013, adding vessels and further fixed rate revenue whilst also increasing access to the capital markets, through the initial public offering of GasLog Partners.
The company has been successful in obtaining an amendment to the bond terms to allow it greater flexibility to make dividend payments or distributions in any given year.
In return for this greater flexibility the company has agreed to certain additional customary financial covenants should dividends exceed a specified proportion of consolidated net profit, GasLog added.
Press Release; Image: SHI