GasLog Partners offers $50 million of fixed-to-floating cumulative redeemable preference units

By Stephanie N. Rotondo

Seattle, May 8 – GasLog Partners LP plans to price $50 million of series A fixed-to-floating rate cumulative redeemable preference units, the company said in a press release on Monday.

Price talk is 8.75%, a market source reported.

Morgan Stanley & Co. LLC, UBS Securities LLC and Citigroup Global Markets Inc. are the joint bookrunners. Stifel Nicolaus & Co. Inc. is the lead manager.

The distribution rate will be fixed until June 15, 2027. After that, the rate will float at Libor plus a spread.

The units are callable June 15, 2027 at par plus accrued distributions.

The units will be listed on the New York Stock Exchange.

Proceeds will be used for general partnership purposes, which may include future acquisitions, debt repayment, capital expenditures and working capital.

GasLog is a Monaco-based master limited partnership focused on owning, operating and acquiring LNG carriers under multi-year charters.

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