Dynagas LNG Partners Eyes USD 55 Million from Share Offering

Owner and operator of natural gas carriers Dynagas LNG Partners LP is about to raise a total of USD 55 million from the public offering of its shares.

The company revealed that 2,200,000 of its 8.75% Series B shares Fixed to Floating Rate Cumulative Redeemable Perpetual Preferred Units, were priced at USD 25 per unit.

Dynagas Partners has granted the underwriters a 30-day option to purchase up to an additional 330,000 Series B Preferred Units on the same terms and conditions. The offering is expected to close on October 23, 2018 subject to customary closing conditions.

The company said the funds would be used to repay debt, including outstanding 6.25% Senior Notes due on October 30, 2019, or to fund acquisitions.

The master limited partnership’s current fleet consists of six LNG carriers, with an aggregate carrying capacity of approximately 914,000 cubic meters.

Image Courtesy: LNG Carriers/ Flickr-Kees Torn under CC BY-SA 2.0 license