GasLog Raises $35mn from Share Sale

Monaco-based LNG carrier owner GasLog said on June 22 it had sold 14.4mn common shares through a private placement for $36mn, as it takes steps to weather the market downturn.

Around 75% of the shares issued were bought by GasLog's directors and affiliates, including 6.5mn by Blenheim Holdings, a business owned by the Livanos family, and 4mn by an affiliate of the Onassis Foundation.

"I'm delighted that our two major shareholders have provided this level of support to the company at this time – they have been a constant source of support since the IPO in 2012," CEO Paul Wogan said. 

Members of the Tung family also bought shares.

GasLog, which reported widened losses in the first quarter, is looking to bolster its liquidity. In addition to the placement, the company said in May it would also draw on its $100mn revolving credit facility and cut its dividends, while also cutting $6mn in spending and laying off staff.