DynaGas LNG plans offering of cumulative redeemable preferred units; price talk 9%-9.125%

By Stephanie N. Rotondo

Phoenix, July 13 – DynaGas LNG Partners LP intends to price at least $50 million series A cumulative redeemable preferred units, the company said in a prospectus filed with the Securities and Exchange Commission on Monday.

Price talk is 9% to 9.125%, according to a market source.

Morgan Stanley & Co. LLC is leading the books on the non-rated deal. Other joint bookrunners include Credit Suisse Securities (USA) Inc., Stifel Nicolaus & Co. and DNB Markets.

Distributions will be made on the 12th day of February, May, August and November. On or after Aug. 12, 2020, the company can redeem the units at par plus accrued distributions.

The company has applied to list the new securities on the New York Stock Exchange under the ticker symbol “DLNGPA.”

Proceeds will be used with borrowings under a new secured debt facility to finance the purchase price of an optional vessel acquisition. Should that acquisition fail, the funds will be used for general partnership purposes, including working capital.

DynaGas is a Monaco-based growth-oriented limited partnership focused on owning and operating LNG carriers.

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