GasLog secures $1.05 bln LNG carriers refinancing

GasLog secures $1.05 bln LNG carriers refinancing

Monaco-based owner and operator of liquefied natural gas carriers, GasLog secured debt financing ofUS$1.05 billion to refinance eight on-the-water vessels, delivered between 2010 and 2015. 

Under the $1.05 billion financing, GasLog secured $960 million to refinance bank debt across six legacy facilities, a $100 million revolving credit facility, extended the maturity of the existing facilities to 2021, GasLog said in its statement on Monday.

The legacy facility, launched with a number of international banks, is expected to close early in the second half of 2016.

The eight vessels covered by the facility are, GasLog Savannah, GasLog Singapore, GasLog Chelsea, GasLog Skagen, GasLog Seattle, Solaris, GasLog Saratoga, and GasLog Salem all with a cargo capacity of 155,000 cbm, except the GasLog Chelsea which has the capacity to transport 153,600 cbm.

Speaking of the facility, the company’s chief financial officer, Simon Crowe, said the refinancing simplifies GasLog’s bank facilities and creates additional liquidity for the company that is looking to pursue a number of growth opportunities in the LNG carrier and FSRU sectors.

Citibank, Credit Suisse and Nordea Bank are acting as mandated lead arrangers and joint bookrunners.

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Posted on June 20, 2016 with tags .

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