Dynagas LNG Partners to launch $480 million term loan B on Thursday

By Sara Rosenberg

New York, April 5 – Dynagas LNG Partners (Arctic LNG Carriers Ltd.) is scheduled to hold a bank meeting at 10 a.m. ET in New York on Thursday to launch a $480 million six-year first-lien term loan B, according to a market source.

Credit Suisse Securities (USA) LLC and Barclays are the arrangers on the deal.

Price talk on the term loan B is Libor plus 425 basis points to 450 bps with a 1% Libor floor and an original issue discount of 99, the source said.

The term loan B has 101 soft call protection for one year, a maximum loan to value covenant and a minimum debt service coverage ratio covenant.

Expected term loan ratings are B1/BB-.

Proceeds will be used to refinance existing bank facilities.

Commitments are due at 5 p.m. ET on April 20, the source added.

Dynagas is a Monaco-based master limited partnership formed by Dynagas Holding Ltd. that owns six liquefied natural gas carriers employed on multi-year charters.

© 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.