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Dynagas announces closing of loan facility

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LNG Industry,

Dynagas LNG Partners LP has announced the closing of a US$480 million Senior Secured Term Loan B facility by its wholly-owned subsidiary – Arctic LNG Carriers Ltd.

The Term Loan B is secured by, among other collateral, first priority mortgages on the vessels owned by borrower subsidiary guarantors, and is guaranteed by the partnership and certain of its subsidiaries. The Term Loan B has a six-year term, and was priced at LIBOR plus 450 basis points. The Partnership is planning to use the net proceeds of the facility to repay its existing secured indebtedness in full; pay transaction fees and expenses; and for general corporate purposes.

Dynagas claims that Credit Suisse Securities (USA) LLC and Barclays acted as joint global coordinators, joint lead arrangers and joint book runners of the Term Loan B. In the statement, Dynagas added that Credit Suisse AG will be acting as administrative agent and collateral agent. Credit Suisse AG and Barclays acted as co-syndication agents.

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