GasLog Refinance 2021 Debt Maturities with New Loan Agreements Totalling $1.1B

Source: 7/16/2020, Location: Europe

GasLog Ltd. and GasLog Partners LP are pleased to announce the signing of three new loan agreements, The GasLog Ltd. $577M Facility, the GasLog Partners LP $260M Facility and the GasLog Partners LP $200M Facility, which substantially refinance all of the Group’s debt maturities due in 2021, strengthen the balance sheet and create additional liquidity for the Group.

The key highlights of the transactions are as follows:
- Refinances a total of approximately $1 billion of debt outstanding across 12 vessels;
- Delivery of approximately $30 million of incremental liquidity for the Group;
- Amortization profile of minimum 22-years and above with a 5-year tenor;
- Attractive weighted-average margin;
- Covenants in line with the Group’s existing bank credit facilities and its NOK 2024 bond;
- Simplifies the Group’s bank debt into GasLog Ltd. and GasLog Partners LP. facilities.

The three new credit facilities are signed and expected to close by the end of July 2020. They fully refund the $266 million due on the Five Vessel Refinancing credit facility and refund the majority of the $724 million due on the Legacy Facility Refinancing. GasLog is currently in documentation to refinance the remaining balance of the Legacy Facility Refinancing, secured by the GasLog Chelsea, later in the third quarter.

Citibank N.A., ABN Amro, and Nordea Bank AB acted as Global Co-Coordinators and Bookrunners while HSBC plc. acted as Mandated Lead Arranger; Credit Agricole Corporate and Investment Bank acted as Lead Arranger; and UniCredit Bank and National Australia Bank Limited acted as Arrangers for the syndicate for the GLOG $577M Facility.

BNP Paribas and Credit Suisse AG acted as Co-Coordinators and Bookrunners and Alpha Bank S.A. acted as Arranger in the syndicate for the GLOP $260M Facility.

DNB ASA, London Branch and ING Bank N.V., London Branch acted as Co-Coordinators and Bookrunners for the GLOP $200M Facility.

Organizational Update
In November 2019, GasLog announced plans to relocate more of its employees including several members of senior management to Piraeus, Greece, home of our operational platform, in order to enhance execution, efficiency and operational excellence and to reduce overheads. Consequently, the headcount in our London office has been reduced to 9 from 27, materially concluding the organizational changes. The plan is expected to generate annualized savings of approximately $6.0 million beginning in 2021.

Delivery of GasLog Westminster
On July 15, GasLog took delivery of the GasLog Westminster, a 180,000 cubic meter cargo capacity LNG carrier with X-DF propulsion and Mark III Flex containment system. The vessel was delivered on time and on budget and will immediately commence a seven-year charter with a wholly owned subsidiary of Centrica plc.

The GasLog Westminster is the third of seven vessels scheduled to deliver during 2020-21, all of which are fully funded and together are expected to generate approximately $145 million of EBITDA(1) per annum.

Peter G. Livanos, Chairman of GasLog, stated “I am very pleased to announce the continued delivery of our in-built growth, refinancing of our 2021 debt maturities a year ahead of schedule and further reductions in our cost base, all strategic priorities heading into 2020.

The GasLog Westminster provides industry leading shipping economics and emissions reductions while expanding our relationship with Centrica and enhancing our revenue and cash flow visibility.

Signing our largest refinancing during unprecedented uncertainty in credit and bank markets underscores the strength and scale of our platform to attract new capital providers. We appreciate the continued support from our banking partners which we are proud to say include leading financial institutions from around the world.”

(1) EBITDA is a non-GAAP financial measure. Please refer to Exhibit I for guidance on the underlying assumptions used to derive EBITDA

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