GasLog Partners to Sell Fixed-to-Floating Preferred

LNG ship owner GasLog Partners  (NYSE:GLOP) will sell a new issue of fixed-to-floating rate preferred shares.

The coupon will be fixed until March, 2024 at which point it will float (details not released yet).

Terms are a bit different from a normal MLP preferred issue–cumulative, quarterly distributions etc., BUT investors will receive a 1099 at tax time–NOT a K-1.  Distributions will be qualified–assuming the MLP has earnings–if they do not have earnings distributions will be ‘return of capital’.

The permanent ticker will be GLOP-C–the OTC Grey Market ticker has not been announced.

Preliminary information can be found here.

GasLog Partners has 2 fixed-to-floating preferred issues outstanding already with coupons of 8.2% and 8.75% and they trade in the $25-26 range.

Thanks to Eugene for the early heads up.

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