GasLog Partners closes public offering

GasLog Partners said it has closed its public offering of 4,500,000 common units representing limited partner interests. 

The public offering price was $31.00 per common unit. The net proceeds from the offering, after deducting underwriting discounts and other offering expenses, and including approximately $2.85 million received from GasLog Ltd. to maintain its 2.0% general partner interest in the partnership, were approximately $136 million.

The partnership used the net proceeds from the offering to fund the previously announced acquisition of 100% of the ownership interests in GAS-sixteen and GAS-seventeen, the entities that own the liquefied natural gas carriers the Methane Rita Andrea and the Methane Jane Elizabeth, respectively, from GasLog Ltd., and to prepay amounts under an existing credit facility related to the vessels being acquired. The acquisition closed concurrently with the closing of the offering.

Press Release, September 29, 2014; Image: BG Group