NYSE-listed owner and operator of LNG carriers, Dynagas LNG Partners, has priced its public offering of 3 million of its 9.0% Series A cumulative redeemable preferred units, representing limited partner interests, at USD 25 per unit.
The company has granted the underwriters a 30-day option to purchase up to an additional 450,000 Series A units on the same terms and conditions to cover over-allotments, if any.
Dynagas LNG intends to use the net proceeds from the public offering together with a portion of borrowings under a new secured debt facility to finance the acquisition of one of the operating LNG carriers and the respective time charter owned by Dynagas Holding Ltd.
If Dynagas LNG is unable to buy the LNG carrier, it will use the net proceeds of this offering for general partnership purposes, including working capital.
The purchase of the vessel is subject to, among other things, the identification of the vessel to be acquired; agreement on the purchase price; approval of the acquisition and the purchase price by the conflicts committee of Dynagas; entry into the new secured debt facility; and the negotiation and execution of definitive documentation.
Dynagas LNG says that it can provide no assurance that it will be able to complete the buy.
-Source: worldmaritimenews.com