Monaco – January 25, 2019
Dynagas LNG Partners LP (the “Partnership”)(NYSE: DLNG), an owner and operator of LNG carriers, today announced that its board of directors has reduced its quarterly cash distribution to $0.0625 per common unit with respect to the quarter ended December 31, 2018 from $0.25 per common unit in prior quarters. The cash distribution to common unitholders is payable on February 14, 2019 to all common unitholders of record on February 7, 2019. There are no changes to the quarterly cash distributions relating to any of the Partnership’s outstanding preferred units.
Tony Lauritzen, CEO of Dynagas LNG Partners LP commented: “Our Board of Directors believes that the decision to reduce our cash distribution to common unitholders is necessary in order to retain more of the cash generated from the Partnership’s long term contracts to maintain a steady cash balance and to facilitate the refinancing of the Partnership's $250 million notes which mature on October 30, 2019 (the “Notes”).
The level of future cash distributions to common unit holders, which may be further reduced or eliminated by the Board of Directors of the Partnership, will be subject to, among other factors, the final terms of the refinancing of the Notes, including the level of indebtedness incurred (if any) or new securities issued (if any) by the Partnership in connection with such refinancing. The Partnership believes that the reduction of the cash distribution described above is not reflective of the Partnership’s underlying operational performance, with our LNG carriers continuing to generate stable and predictable long term cash flows from long term contracts with high quality counterparties.”
Dynagas LNG Partners LP Declares Cash Distribution on its Series A Preferred Units
Monaco – January 25, 2019
Dynagas LNG Partners LP (the “Partnership”) (NYSE: “DLNG”), an owner and operator of LNG carriers, today announced that its Board of Directors has declared a cash distribution of $0.5625 per unit on its Series A Cumulative Redeemable Perpetual Preferred Units (the “Series A Preferred Units”) (NYSE: DLNG PR A) for the period from November 12, 2018 to February 11, 2019.
The cash distribution is payable on February 12, 2019 to all preferred unit holders of record as of February 5, 2019. Distributions on the Series A Preferred Units will be payable quarterly in arrears on the 12th day (unless the 12th falls on a weekend or public holiday, in which case the payment date is moved to the next business day) of February, May, August and November of each year, when, as and if declared by our Board of Directors.
This is the fourteenth sequential cash distribution on the Series A Preferred Units since they began trading on the NYSE. The Partnership has 3,000,000 Series A Preferred Units outstanding as of the date of this press release.
About Dynagas LNG Partners LP
Dynagas LNG Partners LP. (NYSE: DLNG) is a growth-oriented master limited partnership formed by Dynagas Holding Ltd., its sponsor, to own and operate liquefied natural gas (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.
Dynagas LNG Partners L.P. - Press Release