NEW YORK (TheStreet) -- Shares of GasLog Partners LP (GLOP) were tanking, sharply down 7.52% to $23.12 on heavy volume in early market trading Tuesday, after the company priced its public offering of common stock this morning.
The liquefied natural gas transportation company announced that it had priced 7.5 million shares at $23.90 a shares. The underwriters have a 30-day option to buy an additional 1.125 million shares.
The company plans to use the net proceeds from the offering to fund the previously announced acquisition of 100% of the ownership interests in GAS-nineteen Ltd., Gas-twenty Ltd. and GAS-twenty one Ltd from GasLog Ltd. (GLOG).
Citigroup Global Markets (C), Barclays Capital (BCS), Morgan Stanley & Co (MS), Evercore Group (EVR), UBS Securities (UBS), Wells Fargo Securities (WFC), Credit Suisse Securities (CS), and Deutsche Bank Securities (DB) are acting as joint book-running managers for the offering.
About 941,240 shares have changed hands as of 9:44 a.m. ET today, compared to its average trading volume of about 64,681 shares a day.
Separately, TheStreet Ratings team rates GASLOG PARTNERS LP as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:Monaco-based GasLog Partners LP is a growth-oriented master limited partnership focused on owning, operating and acquiring LNG carriers under long-term charters.