Dynagas LNG Partners LP | 8.75% Series B Fixed to Floating Rate Cumulative Redeemable Perpetual Preferred Units (DLNG.PRB)
Prospectus excerpt: We are offering 2,200,000 units of our 8.75% Series B Fixed to Floating Cumulative Redeemable Perpetual Preferred Units, liquidation preference $25.00 per unit (the “Series B Preferred Units”). Distributions on the Series B Preferred Units are cumulative from the date of original issue and will be payable quarterly in arrears on the 22nd day of February, May, August and November of each year, when, as and if declared by our Board of Directors. The initial distribution on the Series B Preferred Units offered hereby will be payable on February 22, 2019. Distributions will be payable out of amounts legally available therefor (i) from and including the original issue date to, but excluding, November 22, 2023 at a fixed rate equal to 8.75% per annum of the stated liquidation preference per unit and (ii) from and including November 22, 2023 at a floating rate equal to three-month LIBOR plus a spread of 5.593% per annum of the stated liquidation preference per unit.
Dynagas LNG Partners is a holding company. Through its subsidiaries, Co. is focused on owning and operating liquefied natural gas (LNG) carriers. The vessels in Co.'s fleet are contracted on time charters with international energy companies, including Gazprom Global LNG Limited, Equinor ASA and Yamal Trade Pte. Ltd.