MEXICO: GasLog Ltd., an international owner, operator and manager of liquefied natural gas (“LNG”) carriers, announces that it has completed an export credit agency-backed debt financing of $1.3 billion with fourteen international banks for its current newbuilding programme (the “Newbuild Facility”). The Newbuild Facility covers eight vessels, which will be delivered between 2016 and 2019. Seven of the eight vessels have long-term contracts of between 7 and 10 years and will be chartered to a subsidiary of BG Group plc following delivery.
The key highlights of the $1.3 billion Newbuild Facility, the largest financing in GasLog’s history, are as follows:
Tenor of up to 12 years with an amortisation profile of 15 years from vessel delivery
Attractive weighted-average margin
High levels of interest from GasLog’s existing bank group and a number of new institutions (final commitments more than two times oversubscribed)
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% of the facility
All seven vessels with contracts are eligible for future dropdown into GasLog Partners LP
Terms of the Newbuild Facility are in line with or better than GasLog’s existing facilities, demonstrating the banks’ strong appetite to lend to leading counterparties in the LNG industry with modern assets and high quality, long-term contracts, which provide significant visibility on future revenue and cashflow.
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. 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.
Shipping activity at Port Qasim on February 11
KARACHI: Three ships namely, Glen Canyon, Al-Salam- II and TSM Pollux carrying Containers, Gas oil and Palm oil were arranged...
