Monaco-based GasLog Ltd. has successfully placed NOK 900 million of senior unsecured bonds due November 2024 (“GLOG03”), the company said on Thursday, November 14.

The bonds will carry a coupon of 3 months NIBOR + 6.25 percent which represents a reduction of 0.65% compared to the margin of 6.90% on the current GLOG02 bond (ISIN number NO0010767858), with maturity date 27 May 2021.

“The GLOG03 bonds will accordingly mature 3.5 years later than the GLOG02 bond at a time when we anticipate that the LNG market will be going through a period of strong growth, with approximately 80 million tonnes of new production capacity scheduled to come on line in 2023 and 2024 combined, based on Wood Mackenzie data. In connection with the placement of the new bond issue, the company has acquired approximately NOK 315 million of the GLOG02 bonds. Net proceeds from the bond issuance will be used for general corporate purposes and prepayment of debt,” the company said in a press release.

DNB Markets, Nordea and SEB acted as Joint Lead Managers. An application will be made for the bonds to be listed on Oslo Stock Exchange.

GasLog is an international owner, operator and manager of LNG carriers providing support to international energy companies as part of their LNG logistics chain. GasLog’s consolidated fleet consists of 35 LNG carriers. Of these vessels, 19 (12 on the water and seven on order) are owned by GasLog, one has been sold to a subsidiary of Mitsui Co. Ltd. and leased back by GasLog under a long-term bareboat charter and the remaining 15 LNG carriers are owned by the Company’s subsidiary, GasLog Partners LP. GasLog’s principal executive offices are at Gildo Pastor Center, 7 Rue du Gabian, MC 98000, Monaco.