GasLog Ltd. and GasLog Partners LP Refinance 2021 Debt Maturities with New Loan Agreements Totalling $1.1 Billion and Provide Organizational Update

Piraeus, Greece, July 15, 2020 (GLOBE NEWSWIRE) --

Refinancing of Bank Debt Maturities

GasLog Ltd. (“GasLog” or “the Company”) (NYSE: GLOG) and GasLog Partners LP (“GasLog Partners” or the “Partnership” and together with GasLog, the “Group”) (NYSE: GLOP) are pleased to announce the signing of three new loan agreements, The GasLog Ltd. $577M Facility, the GasLog Partners LP $260M Facility and the GasLog Partners LP $200M Facility, which substantially refinance all of the Group’s debt maturities due in 2021, strengthen the balance sheet and create additional liquidity for the Group.

The key highlights of the transactions are as follows:

• Refinances a total of approximately $1 billion of debt outstanding across 12 vessels;
• Delivery of approximately $30 million of incremental liquidity for the Group;
• Amortization profile of minimum 22-years and above with a 5-year tenor;
• Attractive weighted-average margin;
• Covenants in line with the Group’s existing bank credit facilities and its NOK 2024 bond;
• Simplifies the Group’s bank debt into GasLog Ltd. and GasLog Partners LP. facilities.

The three new credit facilities are signed and expected to close by the end of July 2020. They fully refund the $266 million due on the Five Vessel Refinancing credit facility and refund the majority of the $724 million due on the Legacy Facility Refinancing. GasLog is currently in documentation to refinance the remaining balance of the Legacy Facility Refinancing, secured by the GasLog Chelsea, later in the third quarter.

Citibank N.A., ABN Amro, and Nordea Bank AB acted as Global Co-Coordinators and Bookrunners while HSBC plc. acted as Mandated Lead Arranger; Credit Agricole Corporate and Investment Bank acted as Lead Arranger; and UniCredit Bank and National Australia Bank Limited acted as Arrangers for the syndicate for the GLOG $577M Facility.

BNP Paribas and Credit Suisse AG acted as Co-Coordinators and Bookrunners and Alpha Bank S.A. acted as Arranger in the syndicate for the GLOP $260M Facility.

DNB ASA, London Branch and ING Bank N.V., London Branch acted as Co-Coordinators and Bookrunners for the GLOP $200M Facility.

Organizational Update

In November 2019, GasLog announced plans to relocate more of its employees including several members of senior management to Piraeus, Greece, home of our operational platform, in order to enhance execution, efficiency and operational excellence and to reduce overheads. Consequently, the headcount in our London office has been reduced to 9 from 27, materially concluding the organizational changes. The plan is expected to generate annualized savings of approximately $6.0 million beginning in 2021.