GasLog, an international owner, operator and manager of LNG carriers, said that it priced its public offering of 4.0 million shares of 8.75% series A cumulative redeemable perpetual preference shares.
The company placed a par value $0.01 per share, liquidation preference $25.00 per share at $25.00 per share, according to a company statement.
The company intends to file an application to list the series A preference shares on the New York Stock Exchange.
The net proceeds from the offering after deducting underwriting discounts and commissions are expected to be approximately $96.85 million. The company plans to use the net proceeds from the offering for general corporate purposes, which may include making vessel acquisitions or investments.
The company has also granted the underwriters a 30-day option to purchase up to 600,000 additional series A preference shares to cover over-allotments, if any.
UBS Securities, Morgan Stanley & Co. and Stifel are acting as joint book-running managers of the offering, which was made under an effective shelf registration statement. Credit Suisse Securities (USA) is acting as joint lead manager.
The offering is expected to close on or about April 7, 2015.
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Image: GasLog