GasLog: Successful placing of NOK 900 million of Senior Unsecured Bonds due 2024; partial buy-back of existing GLOG02 bonds

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GasLog has successfully placed NOK 900 million of senior unsecured bonds due November 2024 (“GLOG03”).

The bonds will carry a coupon of 3 months NIBOR + 6.25% which represents a reduction of 0.65% compared to the margin of 6.90% on the current GLOG02 bond (ISIN number NO0010767858), with maturity date 27 May 2021.

The GLOG03 bonds will accordingly mature 3.5 years later than the GLOG02 bond at a time when we anticipate that the LNG market will be going through a period of strong growth, with approximately 80 million tonnes of new production capacity scheduled to come on line in 2023 and 2024 combined, based on Wood Mackenzie data. In connection with the placement of the new bond issue, the company has acquired approximately NOK 315 million of the GLOG02 bonds.

Net proceeds from the bond issuance will be used for general corporate purposes and prepayment of debt.

DNB Markets, Nordea and SEB acted as Joint Lead Managers.

An application will be made for the bonds to be listed on Oslo Stock Exchange.

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