GasLog Partners plans to raise $54 million in public offering

New York-listed GasLog Partners, the master limited partnership focused on owning, operating and acquiring LNG carriers, has on Monday announced a public offering of its common units to raise up to US$53.6 million.

GasLog Partners said in a statement it plans to issue 2,750,000 common units at a price to the public of $19.50 per common unit, adding that the underwriter has a 30-day option to purchase up to 412,500 additional common units from the MLP.

“The Partnership plans to use the net proceeds from the public offering for general partnership purposes, which may include future acquisitions, debt repayment, capital expenditures and additions to working capital. We currently expect that this will include future acquisitions from GasLog Ltd., our parent.”

Barclays Capital Inc. is acting as underwriter for the offering.

GasLog Partners fleet currently consists of eight LNG carriers with an average carrying capacity of 148,750 cbm, each of which has a multi-year time charter, according to its website.

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