Monaco-based LNG shipper GasLog has secured $1.05 billion through a credit facility agreed with twelve international banks for its current newbuilding program.
The newbuild facility covers the balance due to the shipyard on delivery and consequently, the final installments of the seven newbuildings are fully funded, GasLog said in its statement.
Five of these seven newbuildings are scheduled to deliver from the yards into firm multi-year charters in 2020 and the remaining two into firm multi-year charters in 2021.
The facility is backed by the Export Import Bank of Korea (KEXIM) and the Korea Trade Insurance Corporation (K-Sure), who are either directly lending or providing cover for over 60 percent of the facility.
GasLog also said that it has amended the covenants on its existing bank facilities to align them with the terms of the newbuild facility and the recently concluded GasLog Warsaw facility, resulting in significant improvements to the financial and non-financial covenants across all bank debt at both GasLog and GasLog Partners.
In addition, GasLog has called the remaining NOK434 million ($50 million) of its 2021 NOK bond. The bond call will be settled in January 2020 with proceeds from its 2024 NOK 900 million bond issued November 2019, the covenants of which are aligned with its bank facilities.