By Paul A. Harris
Portland, Ore., March 17 – GasLog Ltd. priced a $250 million issue of non-rated, non-callable five-year senior notes at par to yield 8 7/8% on Friday, according to market sources.
The deal kicked off early in the week with yield guidance of 8½% to 8¾%.
Stifel Nicolaus & Co. Inc. and DNB Markets Inc. were the joint bookrunners.
The Monaco-based owner, operator and manager of LNG carriers plans to use the proceeds to repay debt and for general corporate purposes including working capital.
| Issuer: | GasLog Ltd.
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| Amount: | $250 million
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| Maturity: | March 22, 2022
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| Securities: | Senior notes
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| Bookrunners: | Stifel Nicolaus, DNB
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| Co-managers: | Arctic Securities LLC, DVB Capital Markets LLC and Pareto Securities Inc.
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| Coupon: | 8 7/8%
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| Price: | Par
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| Yield: | 8 7/8%
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| Call protection: | Non-callable
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| Trade date: | March 17
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| Settlement date: | March 22
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| Ratings: | Non-rated
|
| Format: | Off the shelf
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| Initial guidance: | 8½% to 8 7/8%
|
| Marketing: | Roadshow
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