GasLog subsidiary prepays $82.6 million of $277 million loan facility

By Angela McDaniels

Tacoma, Wash., Aug. 20 – GasLog Ltd. subsidiary GasLog Partners LP used a portion of the proceeds of its initial public offering to prepay $82.6 million of borrowings under a $277 million senior secured loan facility due May 2019 borrowed by another subsidiary, GAS-five Ltd.

GasLog Partners sold 9.66 million common units for $21 each for a total of $202.9 million. The IPO settled May 12, according to the company’s earnings release for the second quarter.

The company made a $2.3 million payment to settle the mark-to-market loss on termination of one interest rate swap and reduction of a second interest rate swap in connection with the debt prepayment.

GasLog is a Monaco-based owner, operator and manager of liquefied natural gas carriers.

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