S&P elevates Dynagas LNG, then withdraws rating

S&P said it raised its long-term issuer credit ratings on Dynagas LNG and Arctic LNG Carriers Ltd. (the finance subsidiary) to B from B-. S&P also raised the issue rating to BB- from B+ on the group's $470 million senior secured term loan B due May 2023.

S&P said it subsequently withdrew all its ratings on Dynagas LNG and Arctic LNG Carriers on issuer request following the full repayment of the $470 million senior secured term loan B. The outlook was stable at the time of ratings withdrawal.

LNG carrier, owner and operator Dynagas LNG has improved its liquidity profile by raising a $675 million five-year senior secured term loan facility and effectively extending its debt maturities to 2024. Part of the proceeds were used to repay the existing $470 million senior secured term loan B due May 2023, while the remainder, complemented by its Dynagas LNG's cash balance, will be used to redeem the existing $250 million 6¼% senior notes when they come due on Oct. 30, 2019, S&P said.

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