Dynagas LNG to sell fixed-to-floating perpetual preferred stock

By James McCandless

San Antonio, Oct. 16 – Dynagas LNG Partners LP plans to price an offering of $25-par series B fixed-to-floating rate cumulative redeemable perpetual preferred stock, according to a 424B5 filing with the Securities and Exchange Commission.

Morgan Stanley & Co. LLC, UBS Securities LLC and Stifel, Nicolaus & Co., Inc. are the joint bookrunners. B. Riley FBR, Inc. is the co-manager.

The preferreds are redeemable on or after Nov. 22, 2023 at par plus accrued dividends.

If the preferreds are not redeemed by Nov. 22, 2023, the dividend will convert to Libor plus a spread.

Dynagas plans to use the proceeds for general partnership purposes, which may include, among other things, the repayment of debt, including the partnership’s outstanding 6.25% senior notes due Oct. 30, 2019, or the funding of acquisitions or other capital expenditures.

The company plans to list the preferreds on the New York Stock Exchange under the symbol “DLNGPrB.”

Dynagas is a Monaco-based natural gas shipping company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.