Firm Represents Dynagas LNG Partners LP in $480.0 Million Senior Secured Term Loan B Facility

May 18, 2017

Firm Represents Dynagas LNG Partners LP in $480.0 Million Senior Secured Term Loan B Facility

Dynagas LNG Partners LP (the “Partnership”) (NYSE: DLNG), an international owner and operator of liquefied natural gas (LNG) carriers, announced today the closing of its $480.0 million Senior Secured Term Loan B facility (the “Term Loan B Facility”).

The Term Loan B Facility is secured by, among other collateral, first priority mortgages covering vessels owned by subsidiaries of the Partnership, and is guaranteed by the Partnership and certain of its subsidiaries. The Term Loan B Facility has a six year term and was priced at 3.50% Base Rate per annum for Base Rate Loans and 4.50% plus LIBOR per annum for Eurodollar Rate Loans. The Partnership intends to use the net proceeds of the Term Loan B Facility to (i) repay in full its existing loan facilities, (ii) pay fees and expenses related to the Term Loan B transaction, and (iii) for general corporate purposes.

Seward & Kissel LLP is representing the Partnership and certain of its subsidiaries, as borrowers under the Term Loan B Facility.

Borrowers: Arctic LNG Carrie rs Ltd. and Dynagas Finance LLC, wholly-owned subsidiaries of the Partnership.

Other Parties: Credit Suisse Securities (USA) LLC and Barclays Bank plc acted as joint global coordinators, joint lead arrangers and joint bookrunners of the Term Loan B Facility. Credit Suisse AG acted as administrative agent and collateral agent. Credit Suisse AG and Barclays Bank plc acted as Co-syndication agents.

Lead Seward & Kissel LLP Attorneys:

 

Related Attorneys
Gary J. Wolfe
Gary J. Wolfe

(212) 574-1223
wolfe@sewkis.com

Michael S. Timpone
Michael S. Timpone

(212) 574-1342
timpone@sewkis.com

Keith J. Billotti

(212) 574-1274
billotti@sewkis.com

Related Practices