Report
Mats Bye
EUR 91.47 For Business Accounts Only

GasLog (Hold, TP: USD4.50) - Raising USD36m of equity

GasLog today announced it had sold 14.4m common shares, raising USD36m of fresh equity. 75% of the placement was purchased by directors and affiliates. The transaction reduces the NAV from USD7.8/share to USD7.0/share pro-forma on our calculations, while the company will still be looking for USD100m not to breach its minimum cash covenant by end-Q1 2022 if our rate sailed-in spot TFDE forecast of USD42k/day materialises (average Q2 2020–Q1 2022).
Underlying
GasLog Ltd.

Provider
DnB Markets
DnB Markets

DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.

 

Analysts
Mats Bye

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