Dynagas LNG Partners prices public offering

Dynagas LNG Partners prices public offering

Monaco-based Dynagas LNG Partners said it has priced its public offering of 3,000,000 of its 9.0% series A cumulative redeemable preferred units at $25.00 per unit.

The offering is expected to close on July 20. 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, the company informed in a statement.

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. the sponsor of Dynagas Partners.

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, it said.

The company 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., Credit Suisse Securities, Stifel, Nicolaus & Company and DNB Markets.

Image: Dynagas LNG Partners

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