Monaco-based owner and operator of LNG carriers Dynagas LNG Partners has closed a USD 480 million Senior Secured Term Loan B facility through its wholly-owned subsidiary, Arctic LNG Carriers.
The company said that it plans to use the net proceeds from the facility to repay in full its existing secured indebtedness, pay transaction fees and expenses and general corporate purposes.
As disclosed, the facility is secured by first priority mortgages on the vessels owned by borrower subsidiary guarantors, and is guaranteed by the company and certain of its subsidiaries.
The loan facility has a six year term and was priced at LIBOR plus 450 basis points.
As of December 31, 2016, the company’s reported cash stood at USD 82.6 million, with its total indebtedness outstanding worth USD 722.5 million, USD 32.5 million of which is repayable within one year.
The shipowner has a fleet of six LNG carriers, with a carrying capacity of approximately 914,000 cubic meters.