DLNG - Dynagas LNG Partners LP Declares Cash Distribution on Its Series B Preferred Units | Benzinga
ATHENS, Greece, Feb. 01, 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 $0.71764025 per unit on its Series B Fixed to Floating Cumulative Redeemable Perpetual Preferred Units (the "Series B Preferred Units") (NYSE:DLNG) for the period from and including November 22, 2023 to and including February 21, 2024 (the "Distribution Period").
Effective as of November 22, 2023, in accordance with the terms of the Series B Preferred Units, the distribution rate for the Series B Preferred Units changed from fixed to floating, and is equal to the Term Secured Overnight Financing Rate for the applicable three month tenor published by the Chicago Mercantile Exchange plus the credit spread adjustment of 0.26161% ("Credit Adjusted Three-Month CME Term SOFR") plus a spread of 5.593% (the "Margin") per annum per $25.00 stated liquidation preference per unit. The applicable distribution rate for each distribution period is determined every three months by the calculation agent for the Series B Preferred Units. The calculation agent selected Credit Adjusted Three-Month CME Term SOFR as the comparable substitute base rate for the Three-Month LIBOR Rate, which otherwise would have been the applicable base rate. LIBOR rates were discontinued as of June 30, 2023. The distribution rate for the Distribution Period was 11.232630%, which is the sum of 5.639630% (the applicable Credit Adjusted Three-Month CME Term SOFR) plus the Margin.
The cash distribution is payable on February 22, 2024 to all ...