GasLog, an international owner, operator and manager of liquefied natural gas carriers, completed an export credit agency-backed debt financing of $1.3 billion with fourteen international banks led by Citibank for its current newbuilding program.

The newbuild facility covers eight vessels, which will be delivered between 2016 and 2019. Seven of the eight vessels have long-term contracts of between seven and 10 years and will be chartered to a subsidiary of BG Group following delivery.

The key highlights of the $1.3 billion newbuild facility, the largest financing in GasLog’s history, are as follows:

• Tenor of up to 12 years with an amortisation profile of 15 years from vessel delivery
• Attractive weighted-average margin
• High levels of interest from GasLog’s existing bank group and a number of new institutions (final commitments more than two times oversubscribed)
• Backed by the Export Import Bank of Korea and the Korea Trade Insurance Corporation, who are either directly lending or providing cover for over 60% of the facility
• All seven vessels with contracts are eligible for future dropdown into GasLog Partners LP

Citibank and Nordea Bank acted as global co-coordinators, bookrunners and mandated lead arrangers for the financing. Citi has also acted as ECA agent and ECA coordinator.