GasLog secures $1.05 billion LNG newbuildings financing

Image courtesy of GasLog

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.

Share this article

Follow LNG World News

Posted on December 16, 2019 with tags .

Events>

<< Feb 2020 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 1

2nd Central and Eastern European Small Scale LNG Forum

The Forum is for LNG industry leaders, who want to keep up to date with Small-Scale LNG latest trends and many other topics!

read more >

2nd Global LNG Forum

Global LNG Forum is an exclusive networking and knowledge-sharing platform for top experts and business leaders in the industry.

read more >

LNG Pricing, Trading & Hedging: 3-Day Training Course – Houston / Feb 2020

This three-day training program provides a unique opportunity to learn and apply the practical skills, knowledge and tools needed to:…

read more >

LNG Pricing, Trading & Hedging: 3-Day Training Course – London / Mar 2020

This three-day training program provides a unique opportunity to learn and apply the practical skills…

read more >