QUANTUMONLINE.COM SECURITY DESCRIPTION: GasLog Partners LP, 8.20% Series B Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units, liquidation preference $25 per unit, redeemable at the issuer's option on or after 3/15/2023 at $25 per unit plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 8.20% per annum ($2.05 per annum or $0.5125 per quarter) will be paid at a fixed rate quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the record date that will be the fifth day prior to the payment date (NOTE: the ex-dividend date is at least one business day prior to the record date). From and including 3/15/2023 the distribution rate will be at a floating rate equal to three-month LIBOR plus a spread of 5.839% per annum.
Dividends paid by these preferred shares are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) but, since they are issued by a foreign company, are NOT eligible for the dividends received deduction for corporate holders (see page S-68 of the prospectus for further information).
This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preference units rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
