Photo: Oleksandr Kalinichenko / Shutterstock
Piraeus-based GasLog (NYSE: GLOP), a leading international owner, operator, and manager of LNG carriers, has signed a new sustainability-linked credit facility worth $2.8 billion.
The facility, involving 14 international banks, includes decarbonization and social key performance targets as part of its pricing.
The financing has allowed GasLog to refinance all outstanding debt of $2.1 billion secured by 23 LNG carriers across both GasLog and GasLog Partners LP. GasLog acquired all the outstanding common units of GasLog Partners LP in July.
The combined fleet consists of 12 GasLog vessels and 11 GasLog Partners vessels, comprised of ten dual-fuel two-stroke engine propulsion (“X-DF”) LNG carriers, ten TFDE LNG carriers and three Steam LNG carriers.
The Facility has a five-year tenor and provides two one-year extension options. GasLog said the financing will help to simplify its debt structure, reducing interest costs and debt service requirements, and allows the company to enhance its available liquidity while maintaining a strong financial position.
The transaction was successfully completed on November 13, 2023, with GasLog drawing down $2.1 billion from the facility, leaving $672.0 million available for general corporate purposes.
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