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GasLog completes $1.3 billion financing facility for eight newbuildings

GasLog Ltd., an international owner, operator and manager of liquefied natural gas (“LNG”) carriers, announces that it has completed an export credit agency-backed debt financing of $1.3 billion with fourteen international banks for its current newbuilding programme (the “Newbuild Facility”).

The Newbuild Facility covers eight vessels, which will be delivered between 2016 and 2019. Seven of the eight vessels have long-term contracts of between 7 and 10 years and will be chartered to a subsidiary of BG Group.

Simon Crowe, Chief Financial Officer of GasLog Ltd. commented, “I am delighted we have completed GasLog’s largest financing to date, which was executed during a period of volatility in the global energy sector. This Newbuild Facility further strengthens GasLog’s robust financial platform, which is backed by almost $4 billion of contracted revenue. The strong relationships we have with our lenders and our stated strategy of long-term contracted business with reputable customers were imperative in securing attractive tenor and rates on this facility.

We have been very pleased to see both new and existing lenders in this facility, demonstrating the appetite from a range of international banks to lend to companies with modern assets with solid contracts at good rates. The support of KEXIM and K-Sure further adds to the attractiveness of this facility.”

 

Source: GasLog

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