Terms

Series

8.625% Series A Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units

Liquidation Preference

$25.00

Coupon Rate

8.625%

Rate Type

Fixed To Floating

Annual Dividend

$2.16

Payment Frequency

Quarterly

Cumulative

Yes

Perpetual

Yes

Convertible

No

Callable

Yes

First Call Date

June 15, 2027

First Call Price

$25.00

Capital Stack Ranking

Junior To: All Indebtedness Including Guarantees Of Subsidiaries' Indebtedness, All Other Liabilities, Senior Securities; Pari Passu With: Parity Securities (Any Future Equity Securities Not Expressly Subordinated Or Senior); Senior To: Common Units, General Partner Units, Subordinated Units, Junior Securities

Regulatory (Basel III) Call

No

Tax Classification

Mlp K1

Qualifies for QDI

No

Qualifies for DRD

No

Shares Offered

5,000,000

Prospectus Summary

GasLog Partners LP is offering 5,000,000 Series A Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units at $25.00 liquidation preference per unit, listed on the NYSE under 'GLOP PR A'. The units pay a fixed distribution rate of 8.625% per annum ($2.15625/unit annually) through June 14, 2027, then switch to three-month LIBOR plus 631 basis points thereafter. These units are cumulative, meaning any missed distributions accrue and must be paid in full before any distributions can be made on junior securities — providing investors with a degree of payment protection, though distributions remain subject to board declaration. The Series A Preference Units rank senior to GasLog Partners' common units, general partner units, and all other junior equity interests, and pari passu with any future parity securities. However, they are junior to all of the Partnership's indebtedness (including guarantees of subsidiary debt) and all other liabilities. As a limited partnership, GasLog Partners has no separate bank subsidiary structure, but holders should note that debt obligations — including secured ship mortgage facilities — take full priority over preference unit distributions and liquidation proceeds. There is no regulatory capital call provision, as this is a shipping MLP rather than a financial institution. At the $25.00 offering price, the current yield is 8.625%, with quarterly distributions of approximately $0.539 payable on March 15, June 15, September 15, and December 15 (commencing September 15, 2017). As a master limited partnership, GasLog Partners issues Schedule K-1s; distributions are generally not treated as qualified dividend income eligible for the 15%/20% QDI rate, nor do they qualify for the corporate dividends-received deduction. If the Partnership fails to pay full cumulative distributions on the Series A Preference Units and any parity securities, distributions on common units and other junior interests are blocked until arrears are cured.

Summarized from the SEC prospectus filing.

Distribution History

Floating Rate Terms

Ranking vs. Other Preferreds

Dividend Stopper Provisions

Dividend Stopper Description

If GasLog Partners LP has not paid full cumulative distributions on the Series A Preference Units and any parity securities, it cannot declare or pay distributions on common units or any other junior securities.

Div Score Breakdown

Reinvesty's multi-factor safety analysis for this preferred, composite score: 60 (Average)