Dynagas LNG Partners announces public offering

Dynagas LNG Partners LP announced yesterday that it plans to offer 4 800 000 common units representing limited partner interests in a public offering. Dynagas Partners will grant the underwriters a 30-day option to purchase up to an additional 720 000 common units. Dynagas Partners intends to use the net proceeds from the public offering to fund a portion of the purchase price of its previously announced acquisition of the ownership interests in the company that owns the ice class LNG carrier Arctic Aurora from Dynagas Holding Ltd., Dynagas Partners’ sponsor (the Acquisition).

Dynagas Partners intends to fund the balance of the purchase with a new US$ 340 million senior secured revolving credit facility, which Dynagas Partners plans to enter following the completion of this offering. The new US$ 340 million senior secured revolving credit facility will also be used to refinance US$ 214.1 million currently outstanding under Dynagas Partners’ existing senior secured revolving credit facility. In the event that the Acquisition is not consummated, the net proceeds from this offering will be used for general partnership purposes.

Adapted from press release by Ted Monroe

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/12062014/dynagas_lng_partners_announces_public_offering_of_4_800_000_common_units_745/