Dynagas LNG Completes Arctic Aurora Acquisition

Dynagas LNG Partners Complete Arctic Aurora Acquisition

Dynagas LNG Partners said that it has completed its previously announced acquisition of the ownership interests in the entity that owns and operates the 2013 built ice class LNG carrier Arctic Aurora from Dynagas Holding Ltd., Dynagas Partners’ sponsor, for a purchase price of $235.0 million.

On June 19, 2014 Dynagas Partners entered into a new $340 million senior secured revolving credit facility which was used to refinance $214.1 million outstanding under Dynagas Partners’ existing senior secured revolving credit facility and the remaining borrowings of $125.9 million were used to finance a portion of the purchase price of the Arctic Aurora.

The balance of the purchase price was financed with the proceeds of Dynagas Partners’ recently completed equity offering, which closed on June 18, 2014.

[mappress]
Press Release, June 24, 2014

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