Marine Link
Tuesday, May 23, 2017

Dynagas Closes USD 480mln Term Loan B

May 18, 2017

Photo: Dynagas

Photo: Dynagas

 Dynagas LNG Partners, an international owner and operator of liquefied natural gas (LNG) carriers, announced  the closing of a USD 480 million Senior Secured Term Loan B facility (the "Term Loan B") by its wholly-owned subsidiary, Arctic LNG Carriers Ltd.

 
The Term Loan B is secured by, among other collateral, first priority mortgages on the vessels owned by borrower subsidiary guarantors, and is guaranteed by the Partnership and certain of its subsidiaries. 
 
The Term Loan B has a six year term and was priced at LIBOR plus 450 basis points. The Partnership intends to use the net proceeds of the Term Loan B Facility to (i) repay in full its existing secured indebtedness, (ii) pay transaction fees and expenses and (iii) for general corporate purposes.
 
Credit Suisse Securities (USA) LLC and Barclays acted as joint global coordinators, joint lead arrangers and joint book runners of the Term Loan B. Credit Suisse AG will be acting as administrative agent and collateral agent. Credit Suisse AG and Barclays acted as Co-syndication agents.
 
Dynagas LNG Partners owns and operates LNG carriers employed on multi-year charters. The Partnership's current fleet consists of six LNG carriers, with aggregate carrying capacity of approximately 914,000 cubic meters.
 
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