GasLog Partners LP

GasLog Partners LP announced the closing of a new loan agreement, which successfully refinances the debt facility that was due to mature in November 2019.

On March 7, GasLog Partners and certain subsidiaries of the Partnership closed a loan agreement with Credit Suisse AG acting as global co-ordinator and mandated lead arranger, Nordea Bank ABP, filial I Norge as mandated lead arranger, security agent and trustee, Development Bank of Japan, Inc. and Iyo Bank, Ltd. Singapore Branch, for a credit facility for up to $450 million with a tenor of five years.

The 2019 GasLog Partners Facility has been partially drawn on closing to refinance in full the outstanding amounts under the Partnership Facility, which totaled $360 million at December 31, 2018.  As a result, the new facility delivers $90 million of incremental headroom which, if drawn, could provide additional liquidity for general corporate purposes, including potential future acquisitions. Interest on the new facility is payable at a rate of LIBOR plus 2% to 2.2% which represents a reduced margin above LIBOR compared to the previous Partnership Facility. The Partnership has also secured an improved covenant package in the 2019 GasLog Partners Facility.