Dynagas LNG Partners LP Announces Closing of its $55,000,000 Public Offering of 8.75% Series B Fixed to Floating Rate Cumulat...
October 24 2018 - 4:05PM
Dynagas LNG Partners LP (NYSE: DLNG) (“Dynagas Partners”) today
announced the closing of its previously announced public offering
of 2,200,000 of its 8.75% Series B Fixed to Floating Rate
Cumulative Redeemable Perpetual Preferred Units, liquidation
preference $25.00 per unit (the “Series B Preferred Units”),
representing limited partner interests, at a price to the public of
$25.00 per unit. 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.
Dynagas Partners received net proceeds of $53.0 million, after
deducting underwriters’ discounts and commissions and estimated
offering expenses. Dynagas Partners intends to use the net
proceeds from the public for general Partnership purposes, which
may include, among other things, the repayment of indebtedness,
including the Partnership’s outstanding 6.25% Senior Notes due on
October 30, 2019, or the funding of acquisitions or other capital
expenditures.
Dynagas Partners’ Series B Preferred Units will be listed on the
New York Stock Exchange under the symbol “DLNG PR B” and will
commence trading on or about October 26, 2018.
The joint book-running managers for this offering were Morgan
Stanley & Co. LLC, UBS Securities LLC and Stifel, Nicolaus
& Company, Incorporated. The co-manager for this offering is B.
Riley FBR, Inc.
Seward & Kissel LLP acted as legal counsel for Dynagas
Partners.
The offering was made pursuant to a registration statement
previously filed with and declared effective by the Securities and
Exchange Commission (“SEC”). The final prospectus supplement
relating to the offering and the accompanying base prospectus has
been filed with the SEC and is available at the SEC’s website at
http://www.sec.gov. Copies of the final prospectus supplement and
the accompanying base prospectus relating to this offering may also
be obtained from Morgan Stanley & Co. LLC, 180 Varick
Street, Second Floor, New York, New York 10014, UBS Securities LLC,
Attention: Prospectus Specialist, 1285 Avenue of the Americas, New
York, NY 10019 or telephone: (888) 827-7275 and Stifel, Nicolaus
& Company, Incorporated, Attention: Syndicate Department, 1
South Street, 15th Floor, Baltimore, MD 21202, or telephone (855)
300-7136 or email syndprospectus@stifel.com.
Forward Looking-Statements
Matters discussed in this press release may constitute
forward-looking statements. The Private Securities Litigation
Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts. Dynagas Partners desires to take
advantage of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 and is including this cautionary
statement in connection with this safe harbor legislation. The
words “believe,” “expect,” “anticipate,” “estimate,” “intend,”
“plan,” “target,” “project,” “likely,” “may,” “will,” “would,”
“could” and similar expressions identify forward-looking
statements.
The statements in this press release that are not historical
facts may be forward-looking statements. These forward-looking
statements involve risks and uncertainties that could cause the
outcome to be materially different. These risks and uncertainties
include, but are not limited to, those discussed in Dynagas
Partner’s public filings with the SEC. The information set forth
herein speaks only as of the date hereof and Dynagas Partners
undertakes no obligation to revise or update any forward looking
statements, unless required to do so under applicable securities
laws.
About Dynagas LNG Partners
LP
Dynagas LNG Partners LP. (NYSE: DLNG) is a growth-oriented
master limited partnership formed by Dynagas Holding Ltd., its
sponsor, to own and operate liquefied natural gas (LNG) carriers
employed on multi-year charters. The Partnership’s current fleet
consists of six LNG carriers, with an aggregate carrying capacity
of approximately 914,000 cubic meters.
Contact Information:
Dynagas LNG Partners LP 23, Rue Basse, 98000 Monaco. Attention:
Michael Gregos Telephone: +377 99996445 Email:
management@dynagaspartners.com Investor Relations / Financial
Media: Nicolas Bornozis President Capital Link, Inc. 230 Park
Avenue, Suite 1536 New York, NY 10169 Tel. (212) 661-7566 E-mail:
dynagas@capitallink.com
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