GasLog Completes $1.05 Bn Financing Facility for Six Vessels

 

The Legacy Facility Re-financing covers eight on-the-water vessels, which were delivered between 2010 and 2015.

 

The key highlights of the $1.05 billion Legacy Facility Re-financing are as follows:

Re-finances $960m of bank debt across six legacy facilities

Includes a $100m revolving credit facility ("RCF") creating additional liquidity

Tenor of 5 years extends the maturity of the existing facilities to 2021

Attractive weighted-average margin

Simplifies GasLog's bank debt into four multi-vessel facilities

 

Terms of the Legacy Facility Re-financing are in line with GasLog's existing facilities, demonstrating the banks' strong appetite to lend to leading companies in the LNG industry. The Legacy Facility is currently in the documentation stage and is expected to close early in H2 2016.

 

Post the completion of this financing, GasLog will have four debt facilities in total (from nine before today's announcement).

 

Simon Crowe, Chief Financial Officer commented, "I am delighted to announce this re-financing, which simplifies GasLog's bank facilities and aligns the terms and covenants across our four facilities. The Legacy Facility Re-financing further extends GasLog's maturities, strengthens the balance sheet and creates additional liquidity for the company as we look to pursue a number of interesting growth opportunities in the LNG carrier and FSRU sectors."