GasLog Partners LP Sells a Fixed-to-Floating Rate Preferred

GasLog Partners LP (NYSE:GLOP) has sold a new 8.20% fixed to floating rate preferred issue.

The shares carry the 8.20% fixed rate until 2023 at which time the coupon will shift to floating rate.

GasLog Partners LP is a rare master limited partnership as the company has chosen to be taxed as a C-Corp thereby sending 1099’s to investors instead of the dreaded K-1.

GLOP has a 8.75% fixed rate issue (NYSE:GLOP-A) currently outstanding which is trading at a price of $26.55 for a current yield of 8.24%.

The OTC Grey market ticker has not been announced, but we would expect that it will be announced Wednesday for trading starting on Thursday.  If you can pick up shares in the $25 area there should be an opportunity to at least garner a 50-75 cent “flip” for a short term gain.

Further details are here.