DynaGas’ 9% cumulative redeemable preferred units list on NYSE

By Stephanie N. Rotondo

Phoenix, July 27 – DynaGas LNG Partners LP’s $75 million of 9% series A cumulative redeemable preferred units began trading on the New York Stock Exchange on Monday.

The ticker symbol is “DLNGPA.” The deal priced July 13.

Morgan Stanley & Co. LLC led the books on the non-rated deal. Other joint bookrunners included Credit Suisse Securities (USA) LLC, 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.

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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