GasLog rakes in $35 million in share sale
GasLog has sold 14,400,000 common shares for total gross proceeds of $36.0 million through a private placement shares.
The net proceeds of share sale are expected to be used for general corporate purposes.
Approximately 75 per cent of shares issued in the private placement were purchased by GasLog’s directors and affiliates, including 6,500,000 shares purchased by Blenheim Holdings, the Livanos family-owned company and 4,000,000 common shares purchased by a wholly-owned affiliate of the Onassis Foundation.
In addition, members of the Tung family purchased common shares in the private placement.
The company said in its statement that its first-quarter results announcement set out a series of management actions to address the unprecedented market disruption caused by the COVID 19 pandemic.
GasLog also updated the market on the progress of the refinancing of its 2021 debt maturities and the status of our interest rate and foreign exchange swap exposures.
In order to further supplement its management actions, the board has decided to raise $36 million, or 17.8 per cent percent of shares outstanding of the company prior to the private placement, to increase liquidity and further strengthen the capital structure of GasLog.
The board decided to execute the financing on a private placement basis with its core shareholders in order to provide both certainty and minimise any disruption against a volatile market backdrop.
Clarksons Platou Securities acted as financial advisor to the company.