Boston, MA 05/07/2014 (wallstreetpr) – On Tuesday, GasLog Ltd (NYSE:GLOG)‘s Partners LP, MLP, which is a Marshall Islands limited partnership, announced the pricing of its initial public offering of 8,400,000 common units, which represents limited partner interests. The company has set the price of $21 per unit for the offering.
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During the offering period, the underwriters will have a 30-day window that will enable them to purchase an additional 1,260,000 units of common shares from MLP at the set offering price. The company will have the power to retain 1,422,358 shares in case the underwriters’ do not exercise their option to purchase additional shares. On the other hand, it will retain 162,358 shares if the underwriters’ decide to execute their option of buying additional shares.
GasLog Ltd (NYSE:GLOG) specified that it intends to use the net proceeds from the offering towards payment of debt and other general partnership purposes, while it will distribute the balance of the proceeds to GasLog. Notably, GasLog Ltd (NYSE:GLOG) will give MLP three of its prevailing LNG carriers with multi-year charters.MLP is presently a fully owned subsidiary of GasLog.
The common units of the company will commence trading today on the New York Stock Exchange (NYSE) under the ticker symbol “GLOP”. The offering is scheduled to conclude on May 12, 2014. The joint book running managers of the offering are Citigroup Global Markets Inc., Wells Fargo Securities, LLC, Credit Suisse Securities (USA) LLC, Evercore Group L.L.C., Barclays Capital Inc.and UBS Securities LLC. Deutsche Bank Securities Inc. and DNB Markets, Inc. are the co-book running managers for the offering.
About GasLog Partners LP
GasLog Partners LP is a form of master limited partnership established by GasLog to own, control and obtain LNG carriers with multi-year charters. GasLog Partners LP’s initial fleet contains three LNG multi-year charter carriers, each of which has a carrying capacity of 155,000 cbm.
