Company: DLNG
Filing Date: 2025-04-10
Form Type: 20-F
Source: 0001104659-25-033744
Chunk: 268

Company: Dynagas LNG Partners LP
Filing Date: 2025-04-10
Form: 20-F
Item: Item 5
Chunk 268
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 Clean Energy and the Amur River for a period of five years, and the Arctic Aurora for a period of ten years, and utilized the proceeds from the 2024 Lease Financing, together with $63.7 million of cash on hand, to fully prepay outstanding amounts under our $675 Million Credit Facility. The applicable interest rate is 3-month term SOFR plus a margin. Following the first anniversary of the bareboat charters, we have the option at any time to repurchase each vessel at a predetermined price as set forth in each respective 2024 Lease Financing and at the end of each bareboat period, we have the obligation to repurchase the respective vessel at a price equal to 20% of the financing amount for the OB River, the Clean Energy and the Amur River and 15% of the financing amount for the Arctic Aurora. We are required to maintain at all times a value maintenance ratio of at least 120% of the charterhire principal outstanding for each vessel. For additional information regarding the 2024 Lease Financing, please see Note 5 to our annual consolidated financial statements included in this annual report.
Each Sale and Leaseback Agreement is secured by a customary security package which includes, among other things (except as otherwise provided herein, capitalized terms used herein but not otherwise defined herein shall have the meanings set forth in the relevant Sale and Leaseback Agreement):

·   the Accounts Charges over the Earnings Accounts;
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·   the Charterers’ Assignments in relation to the Earnings, the Insurances, the Requisition Compensation and the Assigned Documents of the Ships;
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·   the Charter Guarantee in relation to the Charterers’ obligations under the Transaction Documents;
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·   the Negative Share Pledges in relation to the issued shares of the Charterers; and
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·   the Manager’s Undertakings by each Approved Manager of each Ship.
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As of December 31, 2024, we were in compliance with all the financial covenants contained in the sale and leaseback agreements.
Capital Expenditures
We reserve cash from operations for future maintenance capital expenditures, normal working capital requirements and other matters.

100

Our future capital expenditure requirements principally relate to vessel drydocks including costs related to voyages to and from the drydocking yard that will depend on the distance from the vessel’s ordinary trading area to the drydocking yard. No scheduled vessel drydocks are expected in 2025. As at December 31, 2024