Dynagas LNG Partners LP Declares Cash Distribution on Its Series B Preferred Units
ATHENS, Greece, July 29, 2024 (GLOBE NEWSWIRE) -- Dynagas LNG Partners LP (the “Partnership”) (NYSE: DLNG), an owner and operator of liquefied natural gas (“LNG”) carriers, today announced that its Board of Directors has declared a cash distribution of $0.714537806 per unit on its Series B Fixed to Floating Cumulative Redeemable Perpetual Preferred Units (the “Series B Preferred Units”) (NYSE: DLNG PR B) for the period from and including May 22, 2024 to and including August 21, 2024 (the “Distribution Period”).
The applicable distribution rate for each distribution period is determined every three months by the calculation agent for the Series B Preferred Units. The distribution rate for the Distribution Period was 11.184070% (which is the sum of the applicable Credit Adjusted Three-Month CME Term SOFR of 5.591070% plus a spread of 5.593%).
The cash distribution is payable on August 22, 2024 to all Series B Preferred Unitholders of record as of the close of business on August 15, 2024.
Distributions on the Series B Preferred Units are payable quarterly in arrears on the 22nd day (unless the 22nd day 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 twenty-third sequential cash distribution on the Series B Preferred Units since they began trading on the NYSE.
The Partnership has 2,200,000 Series B Preferred Units outstanding as of the date of this press release.
About Dynagas LNG Partners LP
Dynagas LNG Partners LP (NYSE: DLNG) is a master limited partnership which 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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Contact Information:
Dynagas LNG Partners LP
Attention: Michael Gregos
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Email:
Investor Relations/ Financial Media:
Nicolas Bornozis/Markella Kara
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Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Partnership desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “expected,” “pending” and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, examination by the Partnership’s management of historical operating trends, data contained in its records and other data available from third parties. Although the Partnership believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Partnership’s control, the Partnership cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in the Partnership’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for Liquefied Natural Gas (LNG) shipping capacity, changes in the Partnership’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Partnership’s vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and instances of off-hires and other factors. Please see our filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Partnership disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.
