MONACO, January 17, 2018 - GasLog Partners LP
("GasLog Partners", the "Partnership" or "we") (NYSE: GLOP)
announced today the closing of its public offering of 4,600,000
8.200% Series B Cumulative Redeemable Perpetual Fixed to Floating
Rate Preference Units, liquidation preference $25.00 per unit (the
"Series B Preference Units") at a price to the public of $25.00 per
unit, including 600,000 units issued upon the exercise in full by
the underwriters of their option to purchase additional Series B
Preference Units. The net proceeds from the offering, after
deducting underwriting discounts and other offering expenses, were
approximately $111.0 million. The Series B Preference Units
will be listed on the New York Stock Exchange under the symbol GLOP
PR B.
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").
Morgan Stanley, UBS Investment Bank, Stifel and Citigroup acted
as joint book-runners for the offering and Credit Suisse acted as
co-manager 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 Morgan Stanley & Co. LLC, Attention: Prospectus
Department, 180 Varick Street, 2nd Floor, New York, New York 10014,
telephone: 1-866-718-1649, UBS Securities LLC, Attention:
Prospectus Specialist, 1285 Avenue of the Americas, New York, New
York 10019, telephone: (888) 827-7275, Stifel, Nicolaus &
Company, Incorporated, Attention: Syndicate Department, One South
Street, 15th Floor, Baltimore, MD 21202, telephone: (855) 300-7136,
email: syndprospectus@stifel.com and Citigroup Global Markets Inc.,
c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, telephone: (800) 831-9146.
A registration statement relating to these securities was
declared effective by the U.S. Securities and Exchange Commission
on October 10, 2017. 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 offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of that jurisdiction.
About GasLog Partners
GasLog Partners is a growth-oriented master limited partnership
focused on owning, operating and acquiring LNG carriers under
multi-year charters. GasLog Partners' fleet consists of twelve
LNG carriers with an average carrying capacity of approximately
154,000 cbm. GasLog Partners' principal 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;
· fluctuations in charter hire rates and vessel
values;
· changes in our operating expenses, including crew
wages, dry-docking and insurance costs and bunkers costs;
· number of off-hire days, dry-docking
requirements;
· planned capital expenditures and availability of
capital resources to fund capital expenses;
· our ability to maximize the use of our
vessels, including the re-deployment or disposition of vessels no
longer under long-term charter commitments, including the risk that
our vessels may no longer have the latest technology at such time
which may impact the rate at which we can charter such vessels;
· our ability to enter into time charters with
new and existing customers;
· continued low prices for crude oil and
petroleum products and natural gas;·
· our ability to leverage GasLog's
relationships and reputation in the shipping industry;
· 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 with GasLog entered into on April 3, 2017
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;
· the expected cost of and our ability to comply
with environmental and regulatory conditions, including changes in
laws and regulations or actions taken by regulatory authorities,
governmental organizations, 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 13, 2017 and the prospectus supplement filed with the SEC
on January 9, 2018, 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:Alastair MaxwellChief Financial OfficerPhone:
+44-203-388-3100
Joseph NelsonDeputy Head of Investor RelationsPhone:
+1-212-223-0643Email: ir@gaslogmlp.com
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