Terms

Series

8.500% Series C Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units

Liquidation Preference

$25.00

Coupon Rate

8.5%

Rate Type

Fixed To Floating

Annual Dividend

$2.12

Payment Frequency

Quarterly

Cumulative

Yes

Perpetual

Yes

Convertible

No

Callable

Yes

First Call Date

March 15, 2024

First Call Price

$25.00

Capital Stack Ranking

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

Regulatory (Basel III) Call

No

Tax Classification

Mlp K1

Qualifies for QDI

No

Qualifies for DRD

No

Shares Offered

4,000,000

Prospectus Summary

GasLog Partners LP, an MLP operating LNG carriers, is issuing 4,000,000 Series C Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units at a liquidation preference of $25.00 per unit. The units pay an 8.500% fixed annual distribution ($2.125/unit, or $0.53125/quarter) from issuance through March 14, 2024, then switch to three-month LIBOR plus 531.7 basis points thereafter. The first call date coincides with the rate reset on March 15, 2024, at $25.00 per unit. 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 Series C Preference Units rank senior to all common units, general partner units, and any other junior limited partner interests, and pari passu with the existing Series A and Series B Preference Units. They rank junior to all of GasLog Partners' indebtedness (including subsidiary debt guarantees) and all other liabilities — meaning in a liquidation, creditors are made whole before preference unitholders receive anything. As a holding-company-style MLP, distributions depend on cash flows from operating subsidiaries. There is no regulatory capital call provision, as this is a non-bank issuer. The units are unrated, adding credit risk. At the $25.00 offering price, the effective yield is 8.50% annually during the fixed-rate period. Distributions are paid quarterly on March 15, June 15, September 15, and December 15, commencing March 15, 2019, with record dates set between 15 and 60 days prior to payment. Because GasLog Partners is structured as an MLP, distributions are treated as partnership income reported on Schedule K-1 rather than as qualified dividends — they generally do not qualify for the 15%/20% preferential QDI rate or the corporate dividends-received deduction. The dividend stopper prevents any distributions on common or junior units unless all accumulated Series C (and parity) distributions are current.

Summarized from the SEC prospectus filing.

Distribution History

Floating Rate Terms

Ranking vs. Other Preferreds

Dividend Stopper Provisions

Dividend Stopper Description

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

Div Score Breakdown

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