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DLNG - Dynagas LNG Partners - Proposed Debt Refinancing Results In Cancellation Of Common Unit Distributions
Dynagas LNG Partners LP
Dynagas LNG Partners (DLNG) has been a major headache for investors over the past twelve months as the company decided to make steep cuts to its common unit distribution, shrinking the quarterly payout in two steps from $0.4225 to just $0.0625 as of today. The reason behind the eye-catching 85% reduction has been the approaching maturity of its $250 million 6.25% senior unsecured notes at the end of October.
Accessing the capital and particularly the bond markets has become an increasingly difficult exercise for shipping companies over the past couple of years as