Why GasLog Partners (GLOP) Stock Is Down Today

NEW YORK (TheStreet) -- Shares of GasLog Partners (GLOP) was falling 5.7% to $30.45 Wednesday after pricing its public offering of 4.5 million common units.

The company priced the 4.5 million shares in its 4.5 million common unit public offering at $31 a common unit. The underwriters of the offering have a 30-day option to buy up to an additional 675,000 common units from the company.

GasLog Partners plans to use the proceeds from the offering to pay for its acquisition of the interest of GAS-sixteen and GAS-seventeen which own the liquefied natural gas carriers Methane Rita Andrea and the Methane Jane Elizabeth, respectively, from GasLog (GLOG) . The company will use any remaining proceeds to repay amounts under its existing credit facility.

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GLOP Chart GLOP data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

 

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