By Paul A. Harris
Portland, Ore., May 14 – GasLog Ltd. priced a $75 million tack-on to its 8 7/8% senior bullet notes due March 22, 2022 at 102.5 to yield 7.885% on Tuesday, according to a syndicate source.
The reoffer price came at the cheap end of the 102.5 to 103 price talk.
Credit Suisse Securities (USA) LLC was the left lead bookrunner. DNB Markets and Stifel Nicolaus & Co. Inc. were joint bookrunners.
The Monaco-based owner, operator and manager of LNG carriers plans to use the proceeds for general corporate purposes.
| Issuer: | GasLog Ltd.
|
| Amount: | $75 million
|
| Maturity: | March 22, 2022
|
| Security description: | Add-on to 8 7/8% senior notes due March 22, 2022
|
| Left bookrunner: | Credit Suisse Securities (USA) LLC
|
| Joint bookrunners: | DNB Markets and Stifel Nicolaus & Co. Inc.
|
| Coupon: | 8 7/8%
|
| Price: | 102.5
|
| Yield to maturity: | 7.885%
|
| Spread: | 574 bps
|
| Call protection: | Make-whole call at Treasuries plus 50 bps, otherwise non-callable
|
| Trade date: | May 14
|
| Settlement date: | May 16 with accrued interest
|
| Distribution: | SEC registered
|
| Price talk: | 102.5 to 103
|
| Marketing: | Roadshow
|
| Original issue: | $250 million priced in March 2017
|
| Fungibility: | Add-on notes become immediately fungible with original notes
|
| Total issue size: | $325 million
|
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