GasLog Partners in share sale

GasLog Partners, the New York-listed spinoff of LNG shipper GasLog is looking to sell 5,000,000 shares, to raise funds for future acquisitions from GasLog. 

According to the partnership’s statement, the units are priced at US$25 with underwriters having a 30-day option to buy up to 750,000 additional shares from the partnership.

The net proceeds from the offering after deducting underwriting discounts and commissions are expected to be approximately $121,062,500.

The partnership plans to use the net proceeds from the public offering for general partnership purposes, which may include future acquisitions, debt repayment, capital expenditures and additions to working capital.

GasLog partners currently expect that the proceeds will also be used for future acquisitions from GasLog.

The applications for the shares will be filed to the New York Stock Exchange, with the offering expected to close by May 15.

Last week, the partnership completed the acquisition of GasLog Greece, a 174,000 cubic meter tri-fuel diesel electric liquefied natural gas (LNG) carrier, from its parent company, GasLog.

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