LNG shipping company GasLog announced the filing of a Registration Statement on Form F-1 with the Securities and Exchange Commission (SEC) for the initial public offering of common units representing limited partnership interests in GasLog Partners (MLP).
The number of common units to be offered and the price range for the offering have not yet been determined. Application will be made to list the common units of the MLP on the New York Stock Exchange under the symbol “GLOP.”
GasLog intends to contribute three of its existing LNG carriers with multi-year charters to the MLP and expects to retain a portion of the MLP’s common units, as well as all of the MLP’s subordinated units, general partner interest and incentive distribution rights. The proceeds of the offering are expected to be used principally to reduce indebtedness.
Completion of the initial public offering is subject to further authorization of the board of directors of the company, as well as completion of the SEC review process.
Press Release, April 8, 2014; Image: GasLog