Dynagas LNG closes on $480m loan

Greek LNG carrier owner secures facility that will help fully repay its indebtedness.

Dynagas LNG Partners has closed on a $480m senior secured term loan B facility.

The LNG carrier owner said the loan facility has been secured through its subsidiary Arctic LNG Carriers.

Net proceeds will be used to fully repay its existing secured debt, pay transaction fees and for general corporate purposes.

Dynagas said the term loan has a six-year term and was priced at Libor plus 450 basis points.

It is secured by first priority mortgages on some vessels and is guaranteed by the partnership.

Credit Suisse Securities and Barclays acted as joint global coordinators and arrangers.

Dynagas currently operates six LNG carriers and reported a 4% increase in profit for the first quarter.