Dynagas LNG Partners said that, in connection with its previously announced initial public offering of 12,500,000 common units at $18.00 per unit, the underwriters have exercised in full the over-allotment option granted to them by Dynagas Holding, the Partnership’s sponsor.
Dynagas Holding has sold an additional 1,875,000 common units as a result of the over-allotment exercise on the same terms as the common units sold in the IPO. The Partnership will not receive any of the net proceeds from the sale of these additional common units.
Following the closing of the sale of these additional common units, the Partnership has 14,985,000 common units outstanding, and Dynagas Holding owns 610,000 common units and all of the subordinated units of the Partnership (together representing a 52.0% limited partner interest in the Partnership).
[mappress] LNG World News Staff, December 06, 2013; Image: Dynagas