Dynagas LNG prices public offering

Dynagas LNG prices public offering

Dynagas LNG Partners has priced its previously announced $250.0 million public offering of senior unsecured notes due 2019.

Dynagas Finance, a wholly-owned subsidiary of the partnership, is acting as co-issuer of the notes. The notes will mature on October 30, 2019. The notes will bear interest at a rate of 6.25% per year, payable quarterly on each January 30, April 30, July 30 and October 30, commencing on October 30, 2014. The issuers have granted the underwriters of the offering a 30-day option to purchase up to an additional SI 5.0 million of the notes on the same terms and conditions. The offering is expected to close on September 15, 2014.

The partnership intends to use the net proceeds from the offering to finance the majority of the purchase price of one of three recently built vessels that the partnership has the option to acquire from Dynagas Holding, the partnership’s sponsor, together with its respective charter contract. Dynagas LNG Partners expects to fund the balance of the purchase price of the vessel with cash on hand.

The notes will be issued in minimum denominations of $1,000.00 and integral multiples of $1,000.00 in excess thereof.

Sterne, Agee & Leach and DNB Markets are acting as joint book-running managers and structuring agents for the offering.

 

Press Release, September 9, 2014; Image: Dynagas LNG

Share this article

Follow LNG World News

Events>

<< Jan 2020 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

LNG Pricing, Trading & Hedging: 3-Day Training Course – London / Mar 2020

This three-day training program provides a unique opportunity to learn and apply the practical skills…

read more >

American LNG Forum 2020

The American LNG Forum is your gateway to learning about the US LNG export industry,

read more >

2nd Global LNG Forum

Global LNG Forum is an exclusive networking and knowledge-sharing platform for top experts and business leaders in the industry.

read more >

LNG Pricing, Trading & Hedging: 3-Day Training Course – Houston / Feb 2020

This three-day training program provides a unique opportunity to learn and apply the practical skills, knowledge and tools needed to:…

read more >