GasLog, a leading international owner and operator of liquefied natural gas (LNG) carriers, has successfully secured a $2.8 billion sustainable refinancing deal. This significant milestone highlights GasLog's commitment to sustainable practices and its ability to navigate the evolving energy landscape.
Details of the financing deal
GasLog, the Greek liquefied natural gas (LNG) shipping company listed in the US, has announced a $2.8bn sustainability-linked financing deal. The five-year agreement, coordinated by Citibank and BNP Paribas, refinances all outstanding debt of $2.1bn secured by 23 LNG carriers across both GasLog and GasLog Partners. The loan is linked to decarbonisation and social key performance targets, and includes two one-year extension options.
According to GasLog, the deal simplifies the company's debt structure, providing incremental available liquidity while reducing interest cost and debt service requirements. The company now has $672m remaining available for general corporate purposes.
Time charter agreements
In addition to the refinancing, GasLog has also secured several multi-year time charter deals. GasLog Partners has agreed a time charter for the steam LNG carrier Methane Rita Andrea with an Asian LNG buyer, while GasLog Singapore has extended its charter with New Fortress Energy by five years, now due to expire in 2030. GasLog Partners has also signed a multi-year time charter deal for the GasLog Santiago, a TFDE LNG carrier, with an undisclosed energy major.
Significance of the financing deal and time charter agreements
This financing deal and the time charter agreements are significant steps for GasLog as it continues to expand its presence in the LNG shipping market. The company's commitment to decarbonisation and social targets demonstrates its dedication to sustainability and responsible business practices. With a simplified debt structure and increased liquidity, GasLog is well-positioned to pursue further growth opportunities in the future.
(This article is sourced from splash247.com and curated by Thetransporteronline24)
