Dynagas LNG Partners priced its public offering of 2.2 million of its 8.75 percent units at $25 per unit.
Dynagas Partners intends to use the net proceeds from the public for general partnership purposes, which may include, among other things, the repayment of indebtedness.
This would also include paying the partnership’s outstanding 6.25 percent senior notes due on October 30, 2019, or the funding of acquisitions or other capital expenditures.
The partnership’s current fleet consists of six LNG carriers, with an aggregate carrying capacity of approximately 914,000 cubic meters.
Dynagas Partners has granted the underwriters a 30-day option to purchase up to an additional 330,000 Series B Preferred Units on the same terms and conditions.
The offering is expected to close on or about October 23, 2018.