Dynagas LNG Partners rakes in $53 million from offering

Dynagas LNG Partners, a limited partnership formed by the Greek shipowner Dynagas, secured $53 million after the closure of its previously announced offering.

Dynagas LNG said in a statement on Wednesday it 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 as previously announced.

The LNG shipper received net proceeds of $53 million, after deducting underwriters’ discounts and commissions and estimated offering expenses, it said.

Dynagas added it intends to use the cash for general partnership purposes, which may include, among other things, the repayment of indebtedness or the funding of acquisitions.