Dynagas LNG Prices Initial Public Offering, Greece

Dynagas LNG Partners said that it has priced its initial public offering of 12,500,000 common units at $18.00 per unit. These common units represent limited partner interests and include 8,250,000 common units to be sold by Dynagas Partners and 4,250,000 common units to be sold by Dynagas Holding Ltd., its sponsor.

Dynagas Holding has granted the underwriters a 30-day option to purchase up to an additional 1,875,000 common units at the same price per unit. The common units being offered to the public are expected to begin trading on November 13, 2013 on the Nasdaq Global Select Market under the symbol “DLNG.” The offering is expected to close on or about November 18, 2013, subject to customary closing conditions.

Following the closing of the offering, Dynagas Holding is expected to own 2,485,000 common units and all of the subordinated units of Dynagas Partners, representing a 58.3% limited partner interest in Dynagas Partners. If the underwriters’ over-allotment option is exercised in full, Dynagas Holding is expected to own 610,000 common units and all of the subordinated units, representing a 52.0% limited partner interest in Dynagas Partners.

Dynagas Partners intends to use the net proceeds from this offering, together with the net proceeds of the new $262.13 million senior secured credit facility that it expects to enter into in connection with the closing of this offering, to repay all of its existing secured indebtedness and for general partnership purposes, including working capital and vessel acquisitions.

Credit Suisse, BofA Merrill Lynch, Morgan Stanley, Barclays and Deutsche Bank Securities are acting as joint book-running managers of this offering, and ABN AMRO and Crédit Agricole CIB are acting as co-managers of this offering.

LNG World News Staff, November 13, 2013

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