Terms

Series

8.200% Series B Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units

Liquidation Preference

$25.00

Coupon Rate

8.2%

Rate Type

Fixed To Floating

Annual Dividend

$2.05

Payment Frequency

Quarterly

Cumulative

Yes

Perpetual

Yes

Convertible

No

Callable

Yes

First Call Date

March 15, 2023

First Call Price

$25.00

Capital Stack Ranking

Junior To: All Indebtedness Including Guarantees Of Subsidiaries, All Other Liabilities, Senior Securities (Senior Limited Partner Interests); Pari Passu With: Series A Preference Units, Other Parity Securities; Senior To: Common Units, General Partner Units, Junior Securities (Junior Limited Partner Interests)

Tax Classification

Mlp K1

Qualifies for QDI

No

Qualifies for DRD

No

Shares Offered

4,000,000

Prospectus Summary

GasLog Partners LP (NYSE: GLOP) is offering 4,000,000 Series B Cumulative Redeemable Perpetual Fixed-to-Floating Rate Preference Units at a liquidation preference of $25.00 per unit. The units pay a fixed distribution of 8.200% per annum ($2.05/unit annually, or $0.5125 quarterly) through March 14, 2023, then reset to three-month LIBOR plus 583.9 basis points thereafter, paid quarterly on March 15, June 15, September 15, and December 15. These units are cumulative, meaning any missed distributions accrue and must be paid in full before any distributions can be made on junior securities. The first call date is March 15, 2023 at $25.00 plus accrued distributions. The units are unrated. As preference units of GasLog Partners LP, a Marshall Islands limited partnership, these securities rank senior to common units and general partner units but are junior to all of the partnership's indebtedness (including subsidiary debt guarantees) and other liabilities. They rank pari passu with the existing 8.625% Series A Preference Units. Investors should note structural considerations: GasLog Partners LP is a holding entity whose cash flows depend on subsidiaries that operate LNG vessels, and all debt at the subsidiary level is effectively senior to these preference units. There is no regulatory capital (Tier 1) call provision, as this issuer is an MLP, not a bank or financial institution. At the $25.00 offering price, the current yield is 8.20%. Because GasLog Partners LP is a master limited partnership, distributions are generally not qualified dividend income (QDI) and do not qualify for the corporate dividends-received deduction (DRD); investors typically receive a Schedule K-1 and distributions may include return-of-capital or ordinary income components. Payment dates are the 15th of March, June, September, and December, with record dates set between 15 and 60 days prior to each payment. The dividend stopper prevents any distribution on common or junior units if Series B cumulative distributions are not current — a meaningful protection for income-oriented holders.

Summarized from the SEC prospectus filing.

Distribution History

Floating Rate Terms

Ranking vs. Other Preferreds

Dividend Stopper Provisions

Dividend Stopper Description

If Series B distributions are not current, no distributions may be paid on common units or other junior securities; partial payments must be made pro rata among Series B and parity securities.

Div Score Breakdown

Reinvesty's multi-factor safety analysis for this preferred, composite score: 61 (Strong)