A 2.8 billion dollar credit facility, which advisers to the transaction said is the “largest commercial debt financing” in the global shipping industry, has been secured by Peter Livanos’ GasLog.
As reported by the company during the third quarter results announcement, a total of 14 international banks contributed to the completion of this loan package, which is linked to decarbonization and social performance targets.
The largest part of the facility, amounting to 2.1 billion dollars, refinances the company’s debt, secured by 23 LNG carriers of GasLog and GasLog Partners (12 of the former and 11 of the latter).
The facility has a five-year term and includes two one-year extension options, “simplifying GasLog’s debt structure, proing additional available liquidity to the company, while reducing interest costs and debt service requirements,” the announcement added.
Citibank’s London office and BNP Paribas acted as joint facilitators of the facility, DNB Bank ASA’s London office was appointed as agent and guarantor and ABN AMRO Bank as sustainability coordinator.
Alpha Bank, Credit Suisse, UBS Group, Danish Ship Finance, ING Bank London Office, National Bank of Greece, Nordea Bank ABP, OverseaChinese Banking Corporation Limited, DNB (UK) Limited and Standard Chartered Bank (Singapore) Limited acted as underwriters and trustees.
