GasLog secures financing for eight LNG newbuilds

GasLog secures financing for eight LNG newbuilds

Monaco-based LNG shipper GasLog informed that it has completed an export credit agency-backed debt financing of $1.3 billion with fourteen international banks for its current LNG newbuilding programme.

The newbuild facility covers eight vessels, which will be delivered between 2016 and 2019, GasLog said on Monday.

Seven of the eight vessels have long-term contracts of between 7 and 10 years and will be chartered to a BG Group unit following delivery.

GasLog’s outstanding capital expenditure for its eight-vessel newbuild programme is approximately $1.5 billion, with $1.3 billion of debt provided by the newbuild facility,  representing all planned financing for the vessels, the company said.

As the vessels deliver over the next four years it is intended that the outstanding balance will be funded by cash on GasLog’s balance sheet and operational cash flow, it added.

Image: GasLog

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