GasLog Partners LP Announces Closing of its Public Offering of 2,750,000 Common Units
06 August 2016 - 6:07AM
GasLog Partners LP ("GasLog Partners", the "Partnership" or "we")
(NYSE:GLOP) today announced the closing of its public offering of
2,750,000 common units representing limited partner interests (the
"common units"). The public offering price was $19.50 per
common unit. The net proceeds from the offering, after
deducting underwriting discounts and other offering expenses, and
including approximately $1.09 million received from GasLog Ltd.
(NYSE:GLOG) to maintain its 2.0% general partner interest in the
Partnership, were approximately $53.23 million.
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").
Barclays Capital Inc. acted as underwriter for the offering.
The offering was made only by means of a prospectus. A
copy of the prospectus relating to the offering may be obtained
from Barclays Capital Inc., c/o Broadridge Financial Solutions,
1155 Long Island Avenue, Edgewood, NY 11717, Telephone: (888)
603-5847.
A registration statement relating to these securities was
declared effective by the U.S. Securities and Exchange Commission
on June 8, 2015. 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 offering, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of that jurisdiction.
About the Partnership
The Partnership is a growth-oriented master limited partnership
focused on owning, operating and acquiring LNG carriers under
long-term charters. The Partnership's fleet consists of eight
LNG carriers with an average carrying capacity of 148,750 cbm, each
of which has a multi-year time charter. The Partnership's executive
offices are located at Gildo Pastor Center, 7 Rue du Gabian, MC
98000, Monaco.
Forward-Looking Statements
All statements in this press release that are not statements of
historical fact are "forward-looking statements" within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements that address
activities, events or developments that the Partnership expects,
projects, believes or anticipates will or may occur in the future,
particularly in relation to our operations, cash flows, financial
position, liquidity and cash available for dividends or
distributions, plans, strategies, business prospects and changes
and trends in our business and the markets in which we operate. In
some cases, predictive, future-tense or forward-looking words such
as "believe", "intend", "anticipate", "estimate", "project",
"forecast", "plan", "potential", "may", "should", "could" and
"expect" and similar expressions are intended to identify
forward-looking statements, but are not the exclusive means of
identifying such statements. In addition, we and our
representatives may from time to time make other oral or written
statements which are forward-looking statements, including in our
periodic reports that we file with the Securities and Exchange
Commission, or the "SEC", other information sent to our security
holders, and other written materials. We caution that these
forward-looking statements represent our estimates and assumptions
only as of the date of this press release, about factors that are
beyond our ability to control or predict, and are not intended to
give any assurance as to future results. Any of these factors or a
combination of these factors could materially affect future results
of operations and the ultimate accuracy of the forward-looking
statements. Accordingly, you should not unduly rely on any
forward-looking statements.
Factors that might cause
future results and outcomes to differ include, but are not limited
to, the following:
- general LNG shipping market conditions and trends,
including spot and long-term charter rates, ship values, factors
affecting supply and demand of LNG and LNG shipping, technological
advancements and opportunities for the profitable operations of LNG
carriers;
- our ability to leverage GasLog's relationships and
reputation in the shipping industry;
- our ability to enter into time charters with new and existing
customers;
- changes in the ownership of our charterers;
- our customers' performance of their obligations under
our time charters and other contracts;
- our future operating performance, financial condition,
liquidity and cash available for dividends and distributions;
- our ability to purchase vessels from GasLog in the
future;
- our ability to obtain financing to fund capital
expenditures, acquisitions and other corporate activities, funding
by banks of their financial commitments, funding by GasLog of the
revolving credit facility entered into upon consummation of our
initial public offering and our ability to meet our restrictive
covenants and other 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 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;
- fluctuations in currencies and interest
rates;
- our ability to maintain long-term relationships
with major energy companies;
- our ability to maximize the use of our ships, including
the re-employment or disposal of ships no longer under time charter
commitments, including the risk that our vessels may no longer have
the latest technology at such time;
- environmental and regulatory conditions, including
changes in laws and regulations or actions taken by regulatory
authorities;
- the expected cost of, and our ability to comply
with, governmental regulations and maritime self-regulatory
organization standards, requirements imposed by classification
societies, and standards imposed by our charterers applicable to
our business;
- risks inherent in ship operation, including the
discharge of pollutants;
- GasLog's ability to retain key employees and
provide services to us, and the availability of skilled labor, ship
crews and management;
- potential disruption of shipping routes due to accidents,
political events, piracy or acts by terrorists;
- potential liability from future litigation;
- our business strategy and other plans and
objectives for future operations;
- any malfunction or disruption of information
technology systems and networks that our operations rely on or any
impact of a possible cybersecurity breach; and
- other risks and uncertainties described in the
Partnership's Annual Report on Form 20-F filed with the SEC on
February 12, 2016 and the Prospectus Supplement filed with the SEC
on August 1, 2016, both available at http://www.sec.gov.
We undertake no obligation to update or revise any
forward-looking statements contained in this press release, whether
as a result of new information, future events, a change in our
views or expectations or otherwise. New factors emerge from time to
time, and it is not possible for us to predict all of these
factors. Further, we cannot assess the impact of each such factor
on our business or the extent to which any factor, or combination
of factors, may cause actual results to be materially different
from those contained in any forward-looking statement.
Contacts:
Simon Crowe Chief Financial Officer Phone:
+44-203-388-3108
Jamie Buckland Head of Investor Relations Phone:
+44-203-388-3116 Email: ir@gaslogltd.com
Samaan Aziz Investor Relations Manager Phone: +1
212 223 0643 Email: ir@gaslogltd.com
HUG#2033614
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