Deals of the Year 2016: UK Team (market cap below £2bn)

Gaslog treasury team's strong market relationships and high standards have led it to achieve efficiency and operational improvements

Winner 2016 UK treasury team of the year (market cap below £2bn): GasLog Ltd

Feb TT DOTY logo

Over the past year, the three-member treasury team at GasLog Ltd, an international owner, operator and manager of liquefied natural gas (LNG) carriers, has overhauled its entire debt complex, tapping multiple elements of the debt capital markets, and establishing new benchmarks for market terms.

The team has accomplished these transactions in one of the most difficult shipping markets of the past 20 years, and against the backdrop of the Greek economic crisis.

Simultaneously, the team has developed governance standards both internally and externally, improved execution efficiency and implemented the group’s first comprehensive hedging strategy. Treasury also established strong relationships with 20 lenders, bondholders and a Japanese sale-leaseback business partner.

Among the corporate financing and funding it has achieved, the team has secured a $1.3bn, 12-year senior secured facility for eight new build vessels, a $1.05bn refinancing and $200m 20-year financing alternative at a fixed rate of less than 5% annually for an LNG vessel sale and leaseback.

 The team has accomplished these transactions in one of the most difficult shipping markets of the past 20 years, and against the backdrop of the Greek economic crisis 

As regards treasury efficiencies, the team has established a single platform for e-banking, implementing SWIFT connectivity across all group accounts, under a single e-banking solution.

It has also set up an enterprise resource planning system enhancement and payment automation project along with implementing the FXall trading platform.

Treasurer Rick Martin said: “I am very proud of what the team, both treasury and other colleagues, has accomplished. As one analyst recently noted, ‘As we see it, GasLog has played its cards beautifully, and is now perfectly positioned to benefit from an improving LNG shipping market in the years ahead. A strong financial footing also helps’.

“This has, of course, required the efforts of all colleagues, but I am pleased that treasury has capitalised on the opportunity to play an integral part in these successes.”

Feb 2017 TT Gaslog

What the judges said

“Small team punching above its weight…very impressive execution”

Highly commended: Hargreaves Services

The two-member treasury team at AIM-listed Hargreaves Services, the UK’s largest coal-production, trading and distribution operation, was highly commended by the judges.

The combination of collapsing coal price and coal demand created a perfect storm of events that saw many UK coal-production companies collapse into insolvency as profits vanished and stocks piled up.

Despite these challenges, Hargreaves’ treasury team’s prudent and proactive approach has helped the company rapidly reposition and transform the business.

The treasury team, led by group treasurer Gayle Mulvaney, has been instrumental in creating and maintaining the solid financing platform that has given the management team the chance to restructure and reposition the business. Treasury led the process of looking at the forward operating and business plan to understand forward-looking credit capacity.

The treasury team’s successful management of the balance-sheet position helped the group to deliver funding and bank support to complete the acquisition in January 2016 of CA Blackwell Group and invest in property and energy projects. These projects and acquisition involved complex consent processes with the banks and careful integration into the group’s facilities.

The team has also been on the front line of the company’s overseas expansion by securing funding solutions, clearing and bonding to fit local regulatory frameworks and business cultures, while complementing the group’s broader arrangements.

About The Treasurer's Deals of the Year Awards

The Treasurer's Deals of the Year Awards recognise the outstanding work of treasurers, both within the treasury community and the wider business world. Through them we champion the success and achievements of treasury teams that have stood out in the market over the prior 12 months. Winning an award is a great way to strengthen your organisation's and your treasury's profile, bringing peer and industry acknowledgement. Find out more here.

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