GasLog completes $1.3B financing facility for newbuild program

GasLog Ltd. (NYSE: GLOG), an international owner, operator and manager of liquefied natural gas (LNG) carriers, has completed an export credit agency-backed debt financing of $1.3 billion with 14 international banks for its current newbuilding program.

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 seven and 10 years, and will be chartered to a subsidiary of BG Group plc following delivery.                                

GasLog’s outstanding capital expenditure for its eight-vessel newbuild program 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.

Citibank NA and Nordea Bank AB acted as global co-coordinators, bookrunners, and mandated lead arrangers. Citi has also acted as ECA agent and ECA coordinator, and Nordea as agent and security agent. The other lead arrangers in the lending syndicate are Bank of America National Association, BNP Paribas, Credit Agricole Corporate and Investment Bank, Credit Suisse AG, HSBC Bank plc, ING Bank NV, KEB Hana Bank, KfW IPEX-Bank GmbH, National Australia Bank Ltd., Oversea-Chinese Banking Corporation Ltd., Societe Generale, and The Korea Development Bank.

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