Dynagas LNG Partners said that it has commenced its initial public offering of 12,500,000 common units representing limited partner interests, including 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 will grant the underwriters a 30-day option to purchase up to an additional 1,875,000 common units. The estimated price range for this offering is $19.00 to $21.00 per common unit.
Dynagas Partners was formed on May 30, 2013 by Dynagas Holding to own, operate and acquire liquefied natural gas (LNG) carriers initially employed on multi-year charters. The initial fleet of Dynagas Partners consists of three LNG carriers, each of which has a carrying capacity of approximately 150,000 cbm and is employed on a multi-year charter.
[mappress] LNG World News Staff, November 6, 2013; Image: Dynagas