GasLog Partners Prices IPO
GasLog Partners (MLP) said that it has priced its initial public offering of 8,400,000 common units representing limited partner interests at $21.00 per common unit.
The underwriters have a 30-day option to purchase up to 1,260,000 additional common units from the MLP at the initial public offering price.
GasLog Ltd. will retain 1,422,358 of the MLP’s common units if the underwriters’ option to purchase additional common units is not exercised or will retain 162,358 common units if the option is exercised in full, as well as all of the MLP’s subordinated units, general partner interest and incentive distribution rights.
The proceeds from the offering will be used principally to reduce indebtedness and for general partnership purposes, with the remainder to be distributed to GasLog.
The MLP is a Marshall Islands limited partnership and is currently a wholly owned subsidiary of GasLog. GasLog will contribute three of its existing LNG carriers with multi-year charters to the MLP.
The common units will begin trading on the New York Stock Exchange on May 7, 2014 under the ticker symbol “GLOP”. The offering is expected to close on May 12, 2014.