Dynagas LNG (NYSE:DLNG) has priced their new preferred units with an initial coupon of 8.75% which will be applied until 2023. After this point in time the coupon will float at a rate of 3 month Libor plus a spread of 5.593%.
The company is selling 2.2 million units plus another 330,000 available for overallotments.
The issue will trade on the OTC Grey market under the ticker DGAGF starting sometime today (Wednesday). The permanent ticker will be DLNG-B when it moves to the big board.