GasLog Partners Selling Shares to Raise USD 97 Mn
Owner and operator of LNG carriers, GasLog Partners, is looking to collect USD 97 million by selling shares.
The company has priced its public offering of 4 million units of 8.500% Series C cumulative redeemable perpetual fixed to floating rate preference units at a price to the public of USD 25 per unit.
GasLog Partners informed that the underwriters have a 30-day option to purchase up to 600,000 additional units.
The partnership intends to file an application to list the Series C Preference Units on the New York Stock Exchange. The offering is expected to close on or about November 15, 2018.
Net proceeds from the offering, which are expected to be around USD 96.85 million after deducting underwriting discounts and commissions, would be used for general partnership purposes, which may include future acquisitions, debt repayment, capital expenditures and additions to working capital.
GasLog Partners said it currently expects that this will include future acquisitions from its parent, GasLog Ltd.