Skip to main content

Dynagas LNG Partners LP announces pricing of units

Published by
LNG Industry,


Dynagas LNG Partners LP has priced its public offering of 3 million of its 9% Series A Cumulative Redeemable Preferred Units, representing limited partner interests, at US$25/unit. The offering is expected to close on 20 July 2015. Dynagas Partners has granted the underwriters a 30-day option to purchase up to an additional 450 000 Series A Preferred Units on the same terms and conditions to cover over-allotments, if any.

Dynagas Partners intends to use the net proceeds from the public offering, together with a portion of borrowings under a new secured debt facility, to finance the acquisition of one of the operating LNG carriers and the respective time charter owned by Dynagas Holding Ltd, the sponsor of Dynagas Partners (the optional vessel acquisition). If Dynagas Partners is unable to complete the optional vessel acquisition, it will use the net proceeds of this offering for general partnership purposes, including working capital.

Dynagas Partners intends to apply to have the Series A Preferred Units listed on the New York Stock Exchange.

The joint book-running managers for this offering are Morgan Stanley & Co. LLC; Credit Suisse Securities (USA) LLC; Stifel, Nicolaus & Company Inc.; and DNB Markets Inc.


Edited from press release by

Read the article online at: https://www.lngindustry.com/lng-shipping/14072015/dynagas-lng-partners-lp-announces-pricing-of-units-1024/


 

Embed article link: (copy the HTML code below):