Dynagas Acquires LNG Carrier Arctic Aurora

Dynagas Acquisition LNG Carrier Arctic Aurora

Dynagas LNG Partners LP (Dynagas Partners), an operator of LNG carriers, has completed the acquisition of ownership interests in the entity that owns and operates the 2013-built ice class liquefied natural gas carrier Arctic Aurora from Dynagas Holding Ltd., Dynagas Partners’ sponsor, for a purchase price of $235 million.

On June 19th, Dynagas Partners entered into a new $340 million senior secured revolving credit facility which was used to refinance $214.1 million outstanding under Dynagas Partners’ existing senior secured revolving credit facility.

The remaining borrowings of $125.9 million were used to finance a portion of the purchase price of the Arctic Aurora.

The balance of the purchase price was financed with the proceeds of Dynagas Partners’ recently completed equity offering, which closed on June 18th, 2014.

The fleet of Dynagas Partners, including the Arctic Aurora, consists of four LNG carriers that have an aggregate carrying capacity of 604,100 cbm and are employed on multi-year charters.

Press Release, June 24, 2014

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