Dynagas LNG Partners LP Cash Distribution Declaration
Dynagas LNG Partners LP, a leading owner and operator of liquefied natural gas (LNG) carriers, has made an exciting announcement regarding the cash distribution for its Series B Fixed to Floating Cumulative Redeemable Perpetual Preferred Units. As of now, investors will receive a distribution amounting to $0.69999031 per unit for the upcoming distribution period.
Understanding the Distribution Rate
Calculation of the Distribution Rate
The distribution rate is not fixed and is recalculated every quarter by the designated calculation agent. For the current distribution cycle, the rate has been set at 10.956370%. This figure is derived from a combination of the Credit Adjusted Three-Month CME Term SOFR, which stands at 5.36337%, plus an additional spread of 5.593%.
Payment Timeline for Unitholders
Unitholders can expect the cash distribution to be payable shortly after the announcement date, specifically on November 22, 2024. To receive this payment, unitholders must be on record by the close of business on November 15, 2024. This marks the twenty-fourth sequential cash distribution since the Series B Preferred Units began trading.
Details on the Series B Preferred Units
As of the latest updates, Dynagas LNG Partners LP has a total of 2,200,000 Series B Preferred Units outstanding. These units represent an investment in a partnership with a robust operational framework for LNG carriers, which are often contracted on multi-year agreements, ensuring steady revenue streams.
About Dynagas LNG Partners LP
Dynagas LNG Partners LP operates with a fleet of six LNG carriers, providing a total carrying capacity of approximately 914,000 cubic meters. This capacity is crucial for meeting the growing global demand for LNG. The Partnership’s strategies not only ensure operational efficiency but also leverage long-term contracts to stabilize revenue.
Contact Information for Further Inquiries
For those interested in learning more about Dynagas LNG Partners LP or specific inquiries regarding the preferred units, they can reach out directly to Michael Gregos at the Partnership. He can be contacted via phone at +30 210 8917960 or through email for any immediate questions.
Frequently Asked Questions
What is the cash distribution amount for Series B Preferred Units?
The cash distribution amount is set at $0.69999031 per unit for the upcoming distribution period.
When will the cash distribution be payable?
The cash distribution will be payable on November 22, 2024, to all unitholders of record by November 15, 2024.
How often are distributions made on the Series B Preferred Units?
Distributions on the Series B Preferred Units are payable quarterly, specifically on the 22nd of February, May, August, and November.
What influences the distribution rate?
The distribution rate is influenced by the Credit Adjusted Three-Month CME Term SOFR and an additional spread calculated by the Partnership.
Where can I find more information about Dynagas LNG Partners LP?
More information can be found on their official website, where the Partnership shares updates and insights into its operations and organizational strategies.
