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TGP - Dynagas: An 11.3% Preferred Stock Yielder And The Virtuous Circle Of Lower Interest Costs
Teekay LNG Partners L.P.
Lower interest costs can create a virtuous circle for a formerly struggling company such as Dynagas LNG Partners LP (DLNG). Savings from lower interest costs can be used to build balance sheet cash and repay debt. Lower debt balances lead to even further reductions in interest costs.
DLNG entered this virtuous circle on 9/19/2019 when its 6.25% 2019 bonds and a term loan were refinanced with a new bank term loan at LIBOR plus 3%. Interest expenses will drop even further starting in Q3 2020. The LIBOR portion of the new term loan