Dynagas LNG Partners wraps up acquisition of Yenisei River operator.
M2 EQUITYBITES-September 29, 2014-Dynagas LNG Partners wraps up acquisition of Yenisei River operator
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29 September 2014 - Greece-based liquefied natural gas (LNG) carriers operator Dynagas LNG Partners LP (NASDAQ:DLNG) has announced the completion of its deal to acquire the company operating ice class LNG carrier the Yenisei River from Dynagas Holding Ltd.
The deal also includes a time charter contract with Gazprom Global LNG Limited under which the Yenisei River currently operates. The total consideration for the transaction is USD257.5m (EUR203.2m).
According to the press release by the buyer, the purchase was funded with a combination of available cash and the proceeds from a recently completed USD250m public offering of senior unsecured notes.
Dynagas LNG Partners estimates that the acquisition would result in an additional USD25m annually in net cash from operations provided that the carrier operates at full capacity.
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