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GasLog Partners aims to raise $54m in public offering

GasLog Partners aims to raise $54m in public offering
GasLog Partners is to sell 2.75m of its common units in a public offering at a price of $19.50 per share, which could raise up to $53.63m for the NYSE-listed company.

   Barclays Capital Inc, the partnership’s underwriter, has a 30-day option to purchase up to 412,500 additional common units, which would generate an extra $8m.

   GasLog said it intends to use the offering’s net proceeds for general partnership purposes, potentially including 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,” the company said.

   GasLog Partners’ last public offering, completed in June 2015, was priced higher at $23.90 per unit. Some 7.5m of the partnership’s common units were sold, generating net proceeds of $175.78m, which was used to acquire three 145,000-cbm LNG carriers from GasLog Ltd.

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