|
Dynagas LNG Partners LP, 8.75% Series B Fix/Float Cumul Red Perp Preferred Units
Ticker Symbol: DLNG-B CUSIP: Y2188B124 Exchange: NYSE
QUANTUMONLINE.COM SECURITY DESCRIPTION: Dynagas LNG Partners LP, 8.75% Series B Fixed to Floating Cumulative Redeemable Perpetual Preferred Units. liquidation preference $25 per unit, redeemable at the issuer's option on or after 11/22/2023 at $25 per unit plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 8.75% per annum ($2.1875 per annum or $0.546875 per quarter) will be paid quarterly on 2/22, 5/22, 8/22 & 11/22 to holders of record on the record date that will be the fifth business day prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). From and including 11/22/2023, the distribution rate will be a floating rate equal to three-month LIBOR plus a spread of 5.593% per annum. Dividends paid by these preferred units are generally eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) but, since they are issued by a foreign company, are NOT eligible for the dividends received deduction for corporate holders (see the prospectus for extensive further information starting at page S-56). This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred units rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common units of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
|
Go to Parent Company's Record (DLNG)
Notes: Sept. 19, 2019 -- Dynagas LNG Partners LP announced today that it has entered into definitive documentation with leading international banks for a syndicated $675 million senior secured term loan. The Credit Facility will be secured by, among other things, first priority mortgages on the six LNG carriers in the Partnership's fleet. Under the terms of the Credit Facility, the Partnership will be restricted from paying distributions to its common unit-holders while borrowings are outstanding under the Credit Facility. Scheduled distributions to the preferred unit-holders under the existing Series A Preferred Units and Series B Preferred Units will not be restricted provided there is no event of default while the Credit Facility remains outstanding.
|
IPO - 10/16/2018 - 2.20 Million Units @ $25.00 /unit.
Link to IPO Prospectus
Previous Ticker Symbol: DGAGF Changed: 10/26/2018
Market Value $ Million
Company's Online Information Links
|
Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Foreign Address and Phone Numbers |
Address: Poseidonos Avenue and Foivis 2 Street, 166 74 Glyfada, Athens, Greece |
Main Phone Number |
+30 210 891 7960 |
Inv Rel Phone Number
|
+30 210 891 7960 |
Address and Phone Numbers |
U.S. Representative |
N.A. |
Address: |
Main Phone Number |
Not Available |
Fax Number |
Not Available |
Investor Relations
Nicolas Bornozis, Capital Link, Inc.
|
212-661-7566
|
CEO - Tony Lauritzen |
CFO - Michael Gregos |
Find a problem? Please use our Feedback Page or Email us.
Have you filled out our Guestbook? If not, please do.
|
|