Company Website:
http://gaslogltd.com/investor-relations
MONACO -- (Business Wire)
GasLog Ltd. (“GasLog” or the “Company”) (NYSE:GLOG), an international
owner, operator and manager of LNG Carriers, announced today that it
priced its public offering of 4.0 million shares of 8.75% Series A
Cumulative Redeemable Perpetual Preference Shares, par value $0.01 per
share, liquidation preference $25.00 per share (the “Series A Preference
Shares”) at $25.00 per share. The Company intends to file an application
to list the Series A Preference Shares on the New York Stock Exchange.
The net proceeds from the offering after deducting underwriting
discounts and commissions are expected to be approximately $96.85
million. The Company plans to use the net proceeds from the offering for
general corporate purposes, which may include making vessel acquisitions
or investments.
The Company has also granted the underwriters a 30-day option to
purchase up to 600,000 additional Series A Preference Shares to cover
over-allotments, if any.
UBS Securities LLC, Morgan Stanley & Co. LLC and Stifel are acting as
joint book-running managers of the offering, which was made under an
effective shelf registration statement. Credit Suisse Securities (USA)
LLC is acting as joint lead manager.
The offering is expected to close on or about April 7, 2015.
Simon Crowe, CFO of GasLog, commented, “Today’s offering broadens
GasLog’s capital structure, further diversifying the company’s funding
sources. The use of proceeds will be for general corporate purposes,
including possible vessel acquisitions.”
The offering is being made only by means of a prospectus supplement and
accompanying base prospectus. When available, the prospectus supplement
and accompanying base prospectus relating to the offering may be
obtained from UBS Securities LLC, Attention: Prospectus Specialist, 299
Park Avenue, New York, New York, 10171, telephone: (888) 827-7275,
Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick
Street, 2nd Floor, New York, NY 10014, telephone: 1-866-718-1649, email: prospectus@morganstanley.com
or Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate
Department, 1 South Street, 15th Floor, Baltimore, MD 21202, telephone:
1-855-300-7136, email: syndprospectus@stifel.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities, and shall not constitute an
offer, solicitation or sale in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of that jurisdiction.
About GasLog Ltd.
GasLog is an international owner, operator and manager of liquefied
natural gas (“LNG”) carriers. GasLog’s wholly owned fleet consists of 20
LNG carriers (including 11 ships in operation and 9 LNG carriers on
order) and following the completion of the transaction announced on
December 22, 2014, GasLog’s wholly owned fleet will consist of 22 LNG
carriers. GasLog has 6 LNG carriers operating under its technical
management for third parties and following the completion of the
transaction announced on December 22, 2014, it will have 4 LNG carriers
operating under its technical management for third parties. GasLog
Partners LP, a master limited partnership formed by GasLog, owns a
further five LNG carriers. GasLog’s principal executive offices are
located at Gildo Pastor Center, 7 Rue du Gabian, MC 98000, Monaco.
Forward-Looking Statements
This press release contains “forward-looking statements” as defined in
the Private Securities Litigation Reform Act of 1995. The reader is
cautioned not to rely on these forward-looking statements. All
statements, other than statements of historical facts, that address
activities, events or developments that the Company expects, projects,
believes or anticipates will or may occur in the future, including,
without limitation, future operating or financial results and future
revenues and expenses, future, pending or recent acquisitions, general
market conditions and shipping industry trends, the financial condition
and liquidity of the Company, cash available for dividend payments,
future capital expenditures and drydocking costs and newbuild vessels
and expected delivery dates, are forward-looking statements. These
statements are based on current expectations of future events. If
underlying assumptions prove inaccurate or unknown risks or
uncertainties materialize, actual results could vary materially from our
expectations and projections. Risks and uncertainties include, but are
not limited to, fluctuations in the price of oil, general LNG and LNG
shipping market conditions and trends, including charter rates, ship
values, factors affecting supply and demand of LNG and LNG shipping,
technological advancements and opportunities for the profitable
operation of LNG carriers; our ability to enter into time charters with
our existing customers as well as new customers; our contracted charter
revenue; our customers’ performance of their obligations under our time
charters and other contracts; the effect of volatile economic conditions
and the differing pace of economic recovery in different regions of the
world; future operating or financial results and future revenues and
expenses; our future financial condition and liquidity; our ability to
obtain financing to fund capital expenditures, acquisitions and other
corporate activities, funding by banks of their financial commitments,
and our ability to meet our obligations under our credit facilities;
future, pending or recent acquisitions of ships or other assets,
business strategy, areas of possible expansion and expected capital
spending or operating expenses; our expectations relating to dividend
payments and our ability to make such payments; our ability to enter
into shipbuilding contracts for newbuildings and our expectations about
the availability of existing LNG carriers to purchase, as well as our
ability to consummate any such acquisitions; our expectations about the
time that it may take to construct and deliver newbuildings and the
useful lives of our ships; number of off-hire days, drydocking
requirements and insurance costs; our anticipated general and
administrative expenses; fluctuations in currencies and interest rates;
our ability to maintain long-term relationships with major energy
companies; expiration dates and extensions of charters; our ability to
maximize the use of our ships, including the re-employment or disposal
of ships no longer under time charter commitments; environmental and
regulatory conditions, including changes in laws and regulations or
actions taken by regulatory authorities; requirements imposed by
classification societies; risks inherent in ship operation, including
the discharge of pollutants; availability of skilled labor, ship crews
and management; potential disruption of shipping routes due to
accidents, political events, piracy or acts by terrorists; and potential
liability from future litigation. A further list and description of
these risks, uncertainties and other factors can be found in our Annual
Report filed with the SEC on March 26, 2015. Copies of the Annual
Report, as well as subsequent filings, are available online at www.sec.gov
or on request from us.
We do not undertake to update any forward-looking statements as a result
of new information or future events or developments except as may be
required by law.
Contacts:
GasLog
Simon Crowe, +44-203-388-3108
Chief Financial Officer
or
Jamie
Buckland, +44-203-388-3116
Head of Investor Relations
ir@gaslogltd.com
Source: GasLog Ltd.
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