The New York-listed MLP yesterday revealed it would sell units to fund the acquisition of a vessel from its parent.
A statement said it is offering three million Series A Cumulative Redeemable Preferred Units at $25 each, which would bring in $75m.
A further 450,000 optional units are open to its underwriters at the same price, taking the potential offering to $86.25m.
Dynagas Partners will use the cash along with a new debt facility to fund the purchase of an LNG carrier from parent Dynagas.
It has options to buy the 155,000-cbm Lena River (built 2013), the 162,000-cbm Clean Ocean and Clean Planet (both built 2014), and two 162,000-cbm newbuildings from Dynagas Holding.
The Lena River is on charter to Russia's Gazprom until at least the fourth quarter of 2018, while the Clean Ocean has a contract with US-based Cheniere Energy until the second quarter of 2020, though that charter could last until the third quarter of 2022.
The Clean Planet operates in the short-term market, while the two newbuildings are under construction at South Korea's Hyundai Heavy Industries.
