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Gaslog Ltd. Completes $1.3 Billion Financing Facility For Eight Newbuildings

The following excerpt is from the company's SEC filing.

– GasLog Ltd. (“GasLog”, NYSE: GLOG), an international owner, operator and manager of liquefied natural gas (“LNG”) carriers, announces that it has completed an export credit agency-backed debt financing of $1.3 billion with fourteen international banks for its current newbuilding programme (the “Newbuild Facility”). The Newbuild Facility covers eight vessels, which will be delivered between 2016 and 2019. Seven of the eight vessels have long-term contracts of between 7 and 10 years and will be chartered to a subsidiary of BG Group plc following delivery.

The key highlights of the $1.3 billion Newbuild Facility, the largest financing in GasLog’s history, are as follows:

Tenor of up to 12 years with an amortisation profile of 15 years from vessel delivery

Attractive weighted-average margin

High levels of interest from GasLog’s existing bank group and a number of new institutions (final commitments more than two times oversubscribed)

Backed by the Export Import Bank of Korea (“KEXIM”) and the Korea Trade Insurance Corporation (“K-Sure”), who are either directly lending or providing cover for over 60% of the facility

All seven vessels with contracts are eligible for future dropdown into GasLog Partners LP

Terms of the Newbuild Facility are in line with or better than GasLog’s existing facilities, demonstrating the banks’ strong appetite to lend to leading counterparties in the LNG industry with modern assets and high quality...