GasLog Partners LP (NYSE:GLOP) (GasLog Partners) Wednesday announced an agreement to sell 2,250,000 common units to funds managed by Tortoise Capital Advisors, L.L.C. (Tortoise) for gross proceeds of $53.1 million. The common units are being sold at a price of $23.60 per common unit through the Partnership’s at-the-market common equity offering programme.
The Partnership plans to use the net proceeds from the sale for general partnership purposes, which may include future acquisitions, debt repayment, capital expenditures and additions to working capital. We currently expect that this will include future acquisitions from GasLog Ltd.
Andy Orekar, Chief Executive Officer of GasLog Partners, stated: “I am very pleased to welcome Tortoise, a leading energy infrastructure investor, as a significant unitholder in the Partnership. This equity issuance and execution format demonstrates our access to diverse and competitive capital sources, and fulfills our expected equity requirements for growth in 2018.”