GasLog gets $2.8bn finance for decarbonisation

US-listed Greek liquefied natural gas (LNG) shipping player GasLog has landed a $2.8bn sustainability-linked financing deal. The five-year agreement with 14 banks refinances all outstanding debt of $2.1bn secured by 23 LNG carriers across both GasLog and GasLog Partners.

The loan, in which Citibank and BNP Paribas acted as joint coordinators, is linked to decarbonisation and social key performance targets. It includes two one-year extension options and, according to GasLog, simplifies the company’s debt structure, providing incremental available liquidity while reducing interest cost and debt service requirements.

The company has $672m remaining available for general corporate purposes.

In addition to refinancing, GasLog revealed a multi-year time charter deal at GasLog Partners for the steam LNG carrier Methane Rita Andrea with an Asian LNG buyer. The company has also extended the charter for GasLog Singapore by five years with New Fortress Energy now due to expire in 2030. Further, GasLog Partners penned a multi-year time charter deal for the GasLog Santiago, a TFDE LNG carrier, with an undisclosed energy major.