Action préférentielle GasLog Ltd Series A 8.75% ( BMG375851174 ) en USD

GasLog Ltd Series A Prime

25.69 USD ⇌

Bermudes

BMG375851174 ( en USD )

8.75% par an ( paiement trimestriel )

01/01/2029

Prospectus brochure de l'obligation PREF GasLog Ltd Series A BMG375851174 en USD 8.75%, échéance 01/01/2029

25 USD

G37585117

01/07/2025 ( Dans 53 jours )

PREF GasLog Ltd Series A est une série d'actions privilégiées émises par GasLog Ltd, une société de transport maritime de gaz naturel liquéfié (GNL), offrant aux investisseurs un revenu fixe et une participation prioritaire dans les bénéfices de l'entreprise, avec des caractéristiques spécifiques définies dans le prospectus d'émission.

L'Action préférentielle émise par GasLog Ltd Series A ( Bermudes ) , en USD, avec le code ISIN BMG375851174, paye un coupon de 8.75% par an.
Le paiement des coupons est trimestriel et la maturité de l'Action préférentielle est le 01/01/2029

Filed Pursuant to Rule 4 24 (b)(5)
Reg istratio n No . 333-188817
PROSPECTUS SUPPLEMENT
(to Prospectus dated August 7, 2013)
4,000,000 Shares
GasLog Ltd.
8.75% SERIES A CUMULATIVE REDEEMABLE PERPETUAL
PREFERENCE SHARES
(LIQUIDATION PREFERENCE $25.00 PER SHARE)
We are offering 4,000,000 of our 8.75% Series A Cumulative Redeemable Perpetual Preference Shares, par value $0.01 per share,
liquidation preference $25.00 per share (the "Series A Preference Shares").
We may request that the underwriters reserve up to 5% of the Series A Preference Shares offered hereby for officers, directors and
employees and related persons, as described herein. The number of Series A Preference Shares available for sale to the general public
would be reduced to the extent of these sales.
Dividends on the Series A Preference Shares are cumulative from the date of original issue and will be payable quarterly in arrears on
the 1st day of January, April, July and October of each year, when, as and if declared by our board of directors. The initial dividend on the
Series A Preference Shares offered hereby will be payable on July 1, 2015. Dividends will be payable from cash available for dividends at
a rate equal to 8.75% per annum of the stated liquidation preference.
At any time on or after April 7, 2020, the Series A Preference Shares may be redeemed, in whole or in part, out of amounts available
therefor, at a redemption price of $25.00 per share plus an amount equal to all accumulated and unpaid dividends thereon to the date of
redemption, whether or not declared.
We intend to file an application to list the Series A Preference Shares on the New York Stock Exchange. Currently, there is no public
market for the Series A Preference Shares.
Investing in our Series A Preference Shares involves a high degree of risk. Our Series A Preference
Shares have not been rated. Please read the section entitled "Risk Factors" on page S-16 of this prospectus
supplement and beginning on page 5 of our Annual Report on Form 20-F filed with the Securities and
Exchange Commission on March 26, 2015 before you make an investment in our Series A Preference Shares.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities
or determined if this prospectus supplement or the accompanying prospectus are truthful or complete. Any representation to the contrary
is a criminal offense.

Per Share
Total
Public Offering Price
$ 25.00
$100,000,000
Underwriting Discounts and Commissions(1)
$ 0.7875
$ 3,150,000
Proceeds to GasLog Ltd. (before expenses)
$24.2125
$ 96,850,000
(1) See "Underwriting" for additional information regarding the total underwriting compensation.
We have granted the underwriters an option to purchase up to an additional 600,000 shares of the Series A Preference Shares solely to

cover over-allotments, if any. If the underwriters exercise the option in full, the total underwriting discounts and commissions payable by
us will be $3,622,500, and total proceeds to us before expenses will be $111,377,500.
The underwriters expect to deliver the Series A Preference Shares on or about April 7, 2015.
Joint Bookrunners

UBS Investment Bank Morgan Stanley
Stifel
Joint Lead Manager
Credit Suisse
March 30, 2015

TABLE OF CONTENTS

Page
PROSPECTUS SUPPLEMENT
SUMMARY
S-1
RISK FACTORS
S-16
FORWARD-LOOKING STATEMENTS
S-24
USE OF PROCEEDS
S-26
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE SHARE DIVIDENDS
S-27
CAPITALIZATION
S-28
DESCRIPTION OF SHARE CAPITAL
S-29
DESCRIPTION OF SERIES A PREFERENCE SHARES
S-30
MATERIAL TAX CONSIDERATIONS
S-37
OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION
S-45
UNDERWRITING
S-46
SERVICE OF PROCESS AND ENFORCEMENT OF LIABILITIES
S-53
LEGAL MATTERS
S-53
EXPERTS
S-53
WHERE YOU CAN FIND ADDITIONAL INFORMATION
S-53
INCORPORATION OF CERTAIN INFORMATION BY REFERENCE
S-54
PROSPECTUS
FORWARD-LOOKING STATEMENTS

1
THE COMPANY

2
RISK FACTORS

3
SERVICE OF PROCESS AND ENFORCEMENT OF LIABILITIES

3
ABOUT THIS PROSPECTUS

3
WHERE YOU CAN FIND ADDITIONAL INFORMATION

4
INCORPORATION OF CERTAIN INFORMATION BY REFERENCE

4
RATIO OF EARNINGS TO FIXED CHARGES

5
USE OF PROCEEDS

6
CAPITALIZATION AND INDEBTEDNESS

6
DESCRIPTION OF SHARE CAPITAL

6
DESCRIPTION OF PREFERENCE SHARES

6
DESCRIPTION OF DEBT SECURITIES

7
DESCRIPTION OF WARRANTS
14
DESCRIPTION OF RIGHTS
15
DESCRIPTION OF THE UNITS
16
SELLING SHAREHOLDERS
16
PLAN OF DISTRIBUTION
16
EXPENSES
19
LEGAL MATTERS
19
EXPERTS
19
S-i

This document is in two parts. The first part is this prospectus supplement, which describes the specific terms of this offering
and certain other matters. The second part, the prospectus, gives more general information about securities we may offer from time
to time. Generally, when we refer to the "prospectus", we are referring to both parts of this document combined. You should read
both this prospectus supplement and the accompanying prospectus, together with additional information described under the
heading "Where You Can Find Additional Information" and "Incorporation by Reference". To the extent the description of our
securities in this prospectus supplement differs from the description of our securities in the accompanying prospectus, you should
rely on the information in this prospectus supplement.
You should rely only on the information contained or incorporated by reference in this prospectus supplement and the
accompanying prospectus. We have not, and the underwriters have not, authorized anyone to provide you with different
information. The distribution of this prospectus and sale of these securities in certain jurisdictions may be restricted by law.
Persons in possession of this prospectus supplement or the accompanying prospectus are required to inform themselves about and
observe any such restrictions. We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not
permitted. You should assume that the information appearing in this prospectus supplement is accurate as of the date on the front
cover of this prospectus supplement only. Our business, financial condition, results of operations and prospects may have changed
since that date.
We expect that delivery of Series A Preference Shares will be made to investors on April 7, 2015, which will be the fifth
business day following the date of pricing of the Series A Preference Shares (such settlement being referred to as "T+5"). Under
Rule 15c6-1 under the Exchange Act, trades in the secondary market are required to settle in three business days, unless the parties
to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade their Series A Preference Shares on the
initial pricing date of the Series A Preference Shares or the succeeding business day will be required, by virtue of the fact that the
Series A Preference Shares initially will settle in T+5, to specify an alternate settlement arrangement at the time of any such trade
to prevent a failed settlement and should consult their advisors.
S-ii

SUMMARY
This summary highlights information contained elsewhere in this prospectus supplement and the accompanying prospectus
and should be read together with the information contained in other parts of this prospectus supplement, the accompanying
prospectus and the documents we incorporate by reference, including the risk factors on page S-16 of this prospectus
supplement and beginning on page 5 of our Annual Report on Form 20-F filed with the U.S. Securities and Exchange
Commission (the "SEC"), on March 26, 2015 ("Annual Report on Form 20-F").
Unless otherwise indicated, references in this prospectus supplement to:
· "GasLog", the "Company", the "Group", "we", "our", "us" or similar terms refer to GasLog Ltd. or any one or
more of its subsidiaries (including GasLog Partners LP) or their predecessors, or to such entities collectively;
· "GasLog Partners" or the "Partnership", refer to GasLog Partners LP, a master limited partnership formed by GasLog
to own, operate and acquire liquefied natural gas, or "LNG", carriers under long-term charters, or any one or more of
GasLog Partners' subsidiaries;
· the "general partner" refer to GasLog Partners GP LLC, the general partner of GasLog Partners;
· "GasLog LNG Services" refer to GasLog LNG Services Ltd., our wholly owned subsidiary;
· "our vessels" or "our ships" refer to the LNG carriers owned or controlled by the Company and its subsidiaries,
including the LNG carriers owned by GasLog Partners; "our wholly owned vessels" or "our wholly owned ships" refer
to the LNG carriers owned by the Company and its subsidiaries, excluding any LNG carriers owned by GasLog Partners
and its subsidiaries;
· "BG Group" refer to BG Group plc; "Methane Services" refer to Methane Services Limited, a subsidiary of BG
Group; "Hyundai" refer to Hyundai Heavy Industries Co., Ltd.; "Samsung" refer to Samsung Heavy Industries Co.,
Ltd.; and "Shell" refer to Royal Dutch Shell plc; or, in each case, one or more of their subsidiaries or to such entities
collectively;
· "NYSE" refer to the New York Stock Exchange; and "SEC" refer to the U.S. Securities and Exchange Commission;
· "dollars" and "$" refer to, and amounts are presented in, U.S. dollars;
· "TFDE" refer to tri-fuel diesel electric;
· "LP-2S" refer to dual-fuel two-stroke engine propulsion; and
· "cbm" refer to cubic meters.
Our Company
We are a growth-oriented international owner, operator and manager of LNG carriers providing support to international
energy companies as part of their LNG logistics chain. After giving effect to the Pending Vessels Acquisition, as described
under "--Recent Developments--Pending Vessels Acquisition", our owned fleet will consist of 27 owned LNG carriers,
including 18 ships on the water and nine LNG carriers on order at two of the world's leading LNG shipbuilders, Samsung
and Hyundai. This includes five LNG carriers in operation that are owned by our New York Stock Exchange- listed
subsidiary GasLog Partners LP, with which we have entered into certain agreements governing our relationship, including
purchase options for certain of our ships. After giving effect to the Pending Vessels Acquisition, we will manage and operate
21 LNG carriers, which include 17 of our ships on the water, three ships owned or leased by Methane Services, a subsidiary
of BG Group, a leading participant in the global energy and natural gas markets, and one additional LNG carrier in which we
have a 25% interest. We are also supervising the construction of our newbuildings. We have multi-year time charter contracts
for 14 of our ships that have been delivered, four of our newbuildings on order and the two vessels to be acquired under the
Pending Vessels Acquisition. From December 31, 2014, these contracts are expected to provide total contracted revenue of
$3.2 billion during their initial terms, which expire between 2015 and 2026.
S-1

In addition to our committed order book, we have options to purchase up to six additional LNG carriers from Samsung
that expire at the end of the first quarter of 2015. We intend to seek to extend these options. We also have a 25% interest in
an additional ship, the Methane Nile Eagle, a 2007- built LNG carrier technically managed by us that is currently operating
under a 20-year time charter to Methane Services, a subsidiary of BG Group.
Our current time charters have initial terms of up to 10 years and include options that permit the charterers to extend the
terms for successive periods under hire rate provisions. We will continue to evaluate the attractiveness of longer and shorter-
term chartering opportunities as the commercial characteristics of the LNG carrier industry evolve. We have structured our
order book of new LNG carriers to have staggered delivery dates, facilitating a smooth integration of the ships into our fleet
as well as significant annual growth through 2017. This has the additional advantage of spreading our exposure to the re-
employment of these ships over several years upon expiration of their current charters.
Each of our 27 owned LNG carriers (after giving effect to the Pending Vessels Acquisition) is designed with a capacity
of between approximately 145,000 cbm and 174,000 cbm. We believe this size range maximizes their operational flexibility,
as these ships are compatible with most existing LNG terminals around the world. All but one of the LNG carriers in our
owned fleet are of the same specifications (in groups of ten, eight, six and two ships), which allows us to benefit from
economies of scale and operating efficiencies in ship construction, crew training, crew rotation and shared spare parts. Upon
delivery of the last of our nine contracted newbuildings and after giving effect to the Pending Vessels Acquisition, our owned
fleet will have an average age of 5.0 years, making it one of the youngest in the industry. By comparison, as of March 30,
2015, the average age for the global fleet of LNG carriers, including LNG carriers of all sizes, is 11.1 years.
Our wholly owned subsidiary, GasLog LNG Services, exclusively handles the technical management of our fleet,
including plan approval for new ship orders, supervision of ship construction and planning and supervision of drydockings, as
well as technical operations, crewing, training, maintenance, regulatory and classification compliance and health, safety,
security and environmental, or "HSSE", management and reporting. As the sole technical manager of BG Group's owned
fleet of LNG carriers for over 13 years, we have established a track record for the efficient, safe and reliable operation of
LNG carriers, which is evidenced by our safety performance and the limited off-hire days of the 21 ships currently operating
under our management.
GasLog Partners
On May 12, 2014, our subsidiary GasLog Partners completed an initial public offering in which it raised net proceeds of
$186.03 million. GasLog Partners was formed by us to own and operate LNG carriers under long-term charters. Its common
units representing limited partner interests are traded on the NYSE under the ticker symbol "GLOP". Concurrently with the
initial public offering, GasLog Partners acquired the entities that own the GasLog Shanghai, the GasLog Santiago and the
GasLog Sydney from us. On September 29, 2014, GasLog Partners completed a follow-on public offering, resulting in net
proceeds of $133.01 million. GasLog Partners used the proceeds to partially finance the acquisition from the Company of the
entities that own the Methane Rita Andrea and the Methane Jane Elizabeth. GasLog Partners holds options to acquire 10
additional vessels from us and will have certain rights to acquire future vessels meeting certain criteria that have charters with
a remaining term of at least 5 years, including the vessels that are the subject of the Pending Vessels Acquisition described
below.
As of March 30, 2015, the Company holds a 42.5% interest in GasLog Partners and, as a result of its ownership of the
general partner and the fact that the general partner elects the majority of the Partnership's directors in accordance with the
Partnership's partnership agreement the Company has the ability to control the Partnership's affairs and policies.
Consequently, GasLog Partners is consolidated in the Company's financial statements.
S-2

Our Fleet
Owned Fleet
The following table presents information about our wholly owned fleet and their associated time charters as of March 30,
2015, after giving effect to the Pending Vessels Acquisition:

Cargo
Year
Capacity
Charter
Optional
Vessel Name
Built
(cbm)
Charterer(1)
Propulsion
Expiration(2)
Period(3)
1 GasLog Savannah
2010 155,000
BG Group

TFDE
September 2015
2018-
2023
2 GasLog Singapore
2010 155,000
BG Group

TFDE
September 2016
2019-
2024
3 GasLog Skagen
2013 155,000
BG Group

TFDE
April 2021(4)

2026-
2031
4 GasLog Chelsea
2010 153,600
Spot Market
TFDE
N/A

N/A
5 GasLog Seattle
2013 155,000
Shell

TFDE
December 2020
2025-
2030
6 Solaris
2014 155,000
Shell

TFDE
June 2021

2026-
2031
7 GasLog Saratoga
2014 155,000
Spot Market
TFDE
N/A

N/A
8 Methane Lydon Volney
2006 145,000
BG Group

Steam
October 2020

2023-
2025
9 Methane Shirley Elisabeth 2007 145,000
BG Group

Steam
June 2020

2023-
2025
10 Methane Alison Victoria
2007 145,000
BG Group

Steam
December 2019
2022-
2024
11 Methane Heather Sally
2007 145,000
BG Group

Steam
December 2020
2023-
2025
12 Methane Becki Anne*
2010 170,000
BG Group

TFDE
2024(5)

2027-
2029(5)
13 Methane Julia Louise*
2010 170,000
BG Group

TFDE
2026(5)

2029-
2031(5)
The following table presents information about GasLog Partners' fleet and their associated time charters as of March 30,
2015:

Cargo
Year
Capacity
Charter
Optional
Vessel Name
Built
(cbm)
Charterer(1)
Propulsion
Expiration(2)
Period(3)
1 GasLog Shanghai
2013
155,000
BG Group
TFDE
January 2018
2021-
2026
2 GasLog Santiago
2013
155,000
BG Group
TFDE
March 2018

2021-
2026
3 GasLog Sydney
2013
155,000
BG Group
TFDE
May 2019

2022-
2027
4 Methane Rita Andrea
2006
145,000
BG Group
Steam
April 2020

2023-
2025
5 Methane Jane Elizabeth
2006
145,000
BG Group
Steam
October 2019
2022-
2024
* Denotes ships to be acquired from Methane Services, a subsidiary of BG Group, pursuant to the Pending Vessels
Acquisition. Currently, these ships are managed by the Company. See "--Recent Developments--Pending Vessels
Acquisition".
(1) Vessels are chartered to a subsidiary of BG Group or a subsidiary of Shell, as applicable.
(2) Indicates the expiration of the initial term.
(3) The period shown reflects the expiration of the minimum optional period and the maximum optional period. The
charterer of the GasLog Savannah and the GasLog Singapore has unilateral options to extend the term of the time charters

for periods ranging from 30 months to 90 months. The charterer of the GasLog Skagen has unilateral options to extend
the term of the charter for up to ten years, on a seasonal charter basis. The charterer of the GasLog Seattle and the Solaris
has unilateral options to extend the term of the time charters for periods ranging from 5 to 10 years, provided that the
charterer provides us with advance notice of declaration of any option in accordance with the terms of the applicable
charter. The charterer of the Methane Lydon Volney has a unilateral option to extend the term for a period of either three
or five years at its election. In addition, the charterer of the Methane Shirley Elisabeth, the Methane Heather Sally and the
Methane Alison Victoria has a unilateral option to extend the term of two of the related time charters for a period of
either three or five years at its election. The charterer of the GasLog Shanghai, GasLog Santiago and GasLog Sydney may
be extended for up to two extension periods of three or four years at the charterer's option, and each charter requires that
the charterer provide us with 90 days' notice before the charter expiration of its exercise of any extension option. The
charterer of the Methane Rita Andrea and the Methane Jane Elizabeth may
S-3

extend either or both of these charters for one extension period of three or five years, and each charter requires that the
charterer provide us with advance notice of its exercise of any extension option.

(4) Time charter provides for full employment for three years and a subsequent five year seasonal charter under which the
ship is employed for seven months and available to accept other charters for five months.

(5) Indicates the expected terms of the charters to be entered into with Methane Services in connection with the Pending
Vessels Acquisition. The charterer is expected to have a unilateral option to extend the term for a period of either three or
five years at its election.
Newbuilds

Cargo
Date of
Capacity
Charter
Optional
Vessel Name
Delivery(1)
(cbm)
Charterer(2)
Propulsion(3)
Expiration(4)
Period(5)
1 Hull No. 2044

Q2 2015
155,000
N/A

TFDE
N/A

N/A
2 Hull No. 2072

Q1 2016
174,000
BG Group
TFDE
2026

2031
3 Hull No. 2073

Q2 2016
174,000
BG Group
TFDE
2026

2031
4 Hull No. 2102

Q3 2016
174,000
BG Group
TFDE
2023

2028-
2031
5 Hull No. 2103

Q4 2016
174,000
BG Group
TFDE
2023

2028-
2031
6 Hull No. 2130

Q2 2017
174,000
N/A

LP-2S
N/A

N/A
7 Hull No. 2131

Q3 2017
174,000
N/A

LP-2S
N/A

N/A
8 Hull No. 2800

Q3 2017
174,000
N/A

LP-2S
N/A

N/A
9 Hull No. 2801

Q4 2017
174,000
N/A

LP-2S
N/A

N/A
(1) Expected delivery quarters are presented.
(2) Vessels are chartered to a subsidiary of BG Group.
(3) References to "LP-2S" refer to dual-fuel two-stroke engine propulsion.
(4) Indicates the expiration of the initial term.
(5) The charterer of Hulls No. 2072 and 2073 has the right to extend the charters for a period of five years at the charterer's
option. The charterer of Hulls No. 2102 and 2103 has the right to extend the charters by two additional periods of three
or five years each, provided that the charterer provides us with advance notice of declaration.
The Company also currently holds options to purchase up to six 174,000 cbm newbuildings from Samsung, each of
which would be built against a very high specification, with delivery dates in 2018 and 2019. Such options will expire at the
end of the first quarter of 2015. We intend to seek to extend these options.
The key characteristics of our owned fleet include the following:
· each ship is sized at between approximately 145,000 cbm and 174,000 cbm capacity, which places our ships in the
medium- to large-size class of LNG carriers; we believe this size range maximizes their operational flexibility, as these
ships are compatible with most existing LNG terminals around the world, and minimizes excess LNG boil-off;
· all but one of our ships, including the newbuilds, are of the same specifications (in groups of ten, eight, six and two
ships);
· each ship is double-hulled, which is standard in the LNG industry;
· each ship has a membrane containment system incorporating current industry construction standards, including
guidelines and recommendations from Gaztransport and Technigaz (the designer of the membrane system) as well as
updated standards from our classification society;
S-4

· each of our ships is modern steam powered or has TFDE or has dual-fuel two-stroke engine propulsion technology;

· Bermuda is the flag state of each ship;

· each of our delivered ships has received, and each of our newbuildings is expected to receive, an ENVIRO+ notation
from our classification society, which denotes compliance with its published guidelines concerning the most stringent
criteria for environmental protection related to design characteristics, management and support systems, sea discharges
and air emissions; and

· upon delivery of the last of our nine contracted newbuildings in 2017, our owned fleet will have an average age of 5.0
years, making it one of the youngest in the industry, compared to a current average age of 11.1 years for the global
LNG carrier fleet including LNG carriers of all sizes as of March 30, 2015.
In addition to our owned fleet, we have a 25% ownership interest in Egypt LNG, an entity whose principal asset is the
Methane Nile Eagle. The Methane Nile Eagle is a 145,000 cbm LNG carrier that was built in 2007. It is currently chartered
to Methane Services, a subsidiary of BG Group under a 20 year time charter, which is subject to extension for up to 10 years
at the charterer's option.
We continually evaluate short and long-term charter opportunities for our vessels, including the newbuildings for which
we do not currently have charters fixed. Our discussions with potential charterers are at various stages of advancement;
however, as of the date of this prospectus supplement, we cannot provide assurance that we will conclude any particular
charter or if, concluded, the charter rate that will apply.
Managed Fleet
Through GasLog LNG Services, we provide technical ship management services for six LNG carriers owned by third
parties, including the two vessels to be acquired under the Pending Vessels Acquisition, in addition to management of the 15
LNG carriers currently operating in our owned fleet (the Solaris is managed by a subsidiary of Shell). We supervised the
construction by Samsung of each LNG carrier in our managed fleet, and each ship has operated under our technical
management since its delivery from the shipyard with the exception of the Solaris.
The following table provides information about our managed ships:

Cargo
Year
Capacity
GasLog
Vessel Name
Built
(cbm)
Propulsion
Ownership
Ship Owner
1 Methane Becki Anne*

2010
170,000

TFDE

--

BG Group
2 Methane Julia Louise*

2010
170,000

TFDE

--

BG Group
3 Methane Patricia Camila

2010
170,000

TFDE

--

BG Group
4 Methane Mickie Harper

2010
170,000

TFDE

--

BG Group
5 Methane Kari Elin

2004
138,000

Steam

--

BG Group
6 Methane Nile Eagle(1)

2007
145,000

Steam

25%

Egypt LNG(1)
* Denotes ships to be acquired from Methane Services, a subsidiary of BG Group, pursuant to the Pending Vessels
Acquisition. See "--Recent Developments--Pending Vessels Acquisition".
(1) The Methane Nile Eagle is owned by Egypt LNG, in which we indirectly hold a 25% equity interest. BG Asia Pacific
Ptd. Limited, a subsidiary of BG Group, and Eagle Gas Shipping Co. E.S.A., an entity affiliated with the government of
Egypt, have 25% and 50% equity interests, respectively, in Egypt LNG.
S-5