LNG carrier GasLog takes on water on private stock deal

GasLog Partners LP

22/06/2020 19:21

** GasLog Ltd  GLOG.N  down 6.0% at $3 after co completes
$36 mln private stock placement. Shares on course for 4th
straight session of declines
    ** LNG carrier sold 14.4 mln shares with ~75% of shares
purchased by its directors and affiliates, including 6.5 mln
shares bought by Blenheim Holdings Ltd and 4 mln bought by
wholly owned affiliate of the Onassis Foundation  urn:newsml:reuters.com:*:nGNX3WQwFr
    ** Offer price of $2.50 represents ~22% discount to stock's
Fri close; GLOG touched record low of $2.67 in Mar
    ** Co to use net proceeds for general corp purposes
    ** Clarksons Platou Securities acted as financial advisor
    ** GLOG has 80.5 mln shares outstanding and ~40 mln shares
of free float, per Refinitiv data
    ** Including decline on Mon, stock has lost ~70% of its
value YTD
    ** Still, avg rating among 10 brokerages is "buy" and
breakdown is 4 "strong buy", 3 "buy", 2 "hold" and 1 "strong
sell"; median PT is $8.50 (Refinitiv data)

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 646-223-5017))