Dynagas LNG Completes Acquisition of Arctic Aurora

By Joseph R. Fonseca
Wednesday, June 25, 2014
Dynagas LNG Partners LP

 

Dynagas LNG Partners LP announced today that it has completed its previously announced acquisition of the 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 $235.0 million.

On June 19, 2014 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 and 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 18, 2014.
 

Formed by Dynagas Holding Ltd., to own, operate and acquire liquefied natural gas (LNG) carriers,  Dynagas Partners owns a fleet that includes the Arctic Aurora, consisting of four LNG carriers that have an aggregate carrying capacity of 604,100 cbm and employed on multi-year charters.

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