DLNG - Golar LNG Partners Cuts Distribution By 95% Seeks To Extend Near-Term Debt Maturities
Nine months ago, I discussed the woes of Dynagas LNG Partners (DLNG) which was forced to eliminate its common unit distribution in order to successfully refinance near-term debt maturities.
Today, fellow partnership Golar LNG Partners (GMLP, GMLPP) finds itself in a pretty similar situation as the company is facing a $150 million NOK-denominated bond maturity in May, followed by another $250 million in May 2021.
Photo: Floating Liquefaction Vessel "Hilli Episeyo" - Source: OffshoreEnergyToday.com
With unrestricted cash on hand of just $47.6 million as of 12/31/2019, repayment apparently isn't an