Business Context and Reporting Period
This Form 6-K filing by Dynagas LNG Partners LP covers the month of October 2018. The registrant, a foreign private issuer based in Monaco, filed this report to disclose a significant capital raising event and related legal documentation.
Key Financial Metrics
The filing does not provide specific operational financial metrics such as revenue, profit, cash flow, or margins for the period. The primary financial disclosure relates to a new equity offering:
- Offering Size: Public offering of 2,200,000 Series B Preferred Units.
- Security Type: 8.75% Series B Fixed to Floating Rate Cumulative Redeemable Perpetual Preferred Units.
- Over-Allotment Option: Underwriters granted an option to purchase up to an additional 330,000 Series B Preferred Units.
- Underwriters: Morgan Stanley & Co. LLC, UBS Securities LLC, and Stifel, Nicolaus & Company, Incorporated.
Material Changes
The material change disclosed is the execution of an Underwriting Agreement dated October 16, 2018, for the public offering described above. Additionally, the Partnership executed a Fourth Amended and Restated Limited Partnership Agreement dated October 23, 2018, to accommodate the new capital structure.
Guidance, Outlook, and Risks
The filing does not contain management commentary on future guidance, operational outlook, or specific risk factors beyond the standard legal opinions attached regarding the validity of the preferred units and tax matters. The filing incorporates by reference the Partnership's registration statement on Form F-3 (File No. 333-222237) for further details.
Investor Verification Checklist
- Verify the final closing date and total proceeds from the Series B Preferred Units offering, including any exercise of the over-allotment option.
- Review the Fourth Amended and Restated Limited Partnership Agreement to understand changes in governance or distribution rights.
- Confirm the specific terms of the "Fixed to Floating Rate" mechanism for the 8.75% Series B Preferred Units.
- Check the Form F-3 registration statement (File No. 333-222237) for comprehensive risk factors and use of proceeds.