GasLog completes refinancing for six LNG carriers

GasLog secures refinancing for six LNG carriers

Monaco-based LNG shipper GasLog and GasLog Partners on Thursday completed the re-financing of six vessels.

According to the company’s statement, GasLog signed and executed a $576.5 million five vessel refinancing for debt maturities, which were due in 2016 and 2017, leaving it with no refinancing requirements until 2018.

The vessels covered by the five vessel re-financing are the GasLog-owned Methane Lydon Volney and Methane Becki Anne and the GasLog Partners-owned Methane Alison Victoria, Methane Shirley Elisabeth and Methane Heather Sally, GasLog said.

During the week, GasLog’s unit GAS-twenty six, signed a deal with a Mitsui unit for the sale and leaseback of the sixth vessel, the Methane Julia Louise.

Under the agreement, Mitsui can on-sell and leaseback the vessels. GasLog agreed to lease back the vessel for a period of up to 20 years with the option to re-purchase the vessel on pre-agreed terms no earlier than the end of year 10 and no later than the end of year 17 of the bareboat charter.

GasLog Partners retains its option to purchase the special purpose entity that controls the charter revenues of this vessel, GasLog said.

Methane Julia Louise remains under the 11 year charter with Methane Services, which is now a unit of Royal Dutch Shell following the completion of the Shell-BG deal.

 

LNG World News Staff

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