By Paul A. Harris
Portland, Ore., Sept. 8 – Athens-based Dynagas LNG Partners LP priced a $250 million issue of non-rated, non-callable five-year senior notes at par to yield 6¼% on Monday, according to a market source.
The yield printed on top of yield talk.
Sterne Agee & Leach Inc. and DNB Markets Inc. were the joint bookrunners.
Proceeds, along with cash on hand, will be used to finance the majority of the purchase price of one of three recently built vessels that the partnership has the option to acquire from Dynagas Holding Ltd., the partnership’s sponsor, together with its respective charter contract.
Dynagas operates liquefied natural gas carriers.
| Issuers: | Dynagas LNG Partners LP and Dynagas Finance Inc.
|
| Amount: | $250 million
|
| Maturity: | Oct. 30, 2019
|
| Securities: | Senior notes
|
| Bookrunners: | Sterne Agee & Leach Inc., DNB Markets Inc.
|
| Coupon: | 6¼%
|
| Price: | Par
|
| Yield: | 6¼%
|
| Call protection: | Non-callable
|
| Trade date: | Sept. 8
|
| Settlement date: | Sept. 15
|
| Rating: | Non-rated
|
| Marketing: | Roadshow
|
| Price talk: | 6¼% area
|
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