GasLog Partners announced that it has priced its public offering of 4,000,000 units of its 8.500% Series C Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units, liquidation preference $25.00 per unit (the “Series C Preference Units”) at a price to the public of $25.00 per unit. The underwriters have a 30-day option to purchase up to 600,000 additional Series C Preference Units from the Partnership. The Partnership intends to file an application to list the Series C Preference Units on the New York Stock Exchange. The offering is expected to close on or about November 15, 2018.
The net proceeds from the offering after deducting underwriting discounts and commissions are expected to be approximately $96,850,000. The Partnership plans to use the net proceeds from the public offering for general partnership purposes, which may include future acquisitions, debt repayment, capital expenditures and additions to working capital. We currently expect that this will include future acquisitions from GasLog Ltd., our parent (“GasLog”).
UBS Investment Bank, Morgan Stanley, Stifel, Citigroup and Credit Suisse are acting as joint book-runners for the offering.