GasLog talks $75 million tap of 8 7/8% notes due 2022 at 102.5-103; pricing Tuesday

By Paul A. Harris

Portland, Ore., May 14 – GasLog Ltd. talked a $75 million tack-on to its 8 7/8% senior bullet notes due March 22, 2022 at 102.5 to 103, according to a syndicate source.

Books close at 10:30 a.m. ET on Tuesday, and the deal, which was marketed by means of a Monday investor call, is expected to price later in the day.

Credit Suisse Securities (USA) LLC is the left lead bookrunner for the public offering. DNB Markets and Stifel are the joint bookrunners.

The notes feature a Treasuries plus 50 basis points make-whole call but are otherwise non-callable. They also feature a 101% poison put.

The Monaco-based owner, operator and manager of LNG carriers plans to use the proceeds for general corporate purposes.

The original $250 million issue priced in March 2017.

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