Dynagas Partners Closes USD 55 Mn Offering

Owner and operator of natural gas carriers Dynagas LNG Partners has closed its public offering of 2.2 million of 8.75% series B preferred units.

The public offering was closed at a price of USD 25 per unit, the company said, adding that distributions will be payable on the series B preferred units to November 22, 2023 at a fixed rate equal to 8.75% per annum and from November 22, 2023, if not redeemed, at a floating rate.

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 company intends to used the net proceeds of USD 53 million from the offering for general partnership purposes, which may include the repayment of indebtedness, funding of acquisitions or other capital expenditures.

Dynagas Partners’ series B preferred units will be listed on the New York Stock Exchange and will commence trading on or about October 26, 2018.