Browse
related articles
Dana Gas announces terms of sukuk refinancing
- United Arab Emirates: Monday, December 10 - 2012 at 16:13
The Abu Dhabi equity market measure ADXGI declined 0.17% Monday, finishing at 2,685.57 points. Losses among bank shares and at Eshraq Properties (off 2.33%) weighed mainly on the gauge. Dana Gas closed flat at Dhs0.41. Earlier in the day, the Sharjah-based energy firm said on the $1bn sukuk it failed to settle on maturity on Oct. 31 that it agreed with creditors on a reduction on the company's outstanding debt from $1bn to $850m via $70m cash pay-down and cancellation of another $80m of the existing sukuk already owned by the company. The remaining $850m split into two tranches to ensure potential dilution for shareholders remains substantially similar to current levels: a $425m ordinary sukuk and $425m convertible sukuk, each with 5-year maturity to ensure longterm financing. Dana Gas has the option to pay down the outstanding principal amount of the two new sukuk prior to the new maturity date of 31 October 2017. Dr. Adel Khalid Al-Sabeeh, Chairman of the Board of Dana Gas said, the company believes that the terms being announced today represent a comprehensive, long-term solution which balances the interests of all stakeholders.
Related Content
Article Options
Gérard Al-Fil, Financial JournalistMonday, December 10 - 2012 at 16:13 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / 4C.
Disclaimer »
The information comprised in this section is not, nor is it held out to be, a solicitation of any person to take any form of investment decision. The content of the AMEinfo.com Web site does not constitute advice or a recommendation by AME Info FZ LLC / 4C and should not be relied upon in making (or refraining from making) any decision relating to investments or any other matter. You should consult your own independent financial adviser and obtain professional advice before exercising any investment decisions or choices based on information featured in this AMEinfo.com Web site.
AME Info FZ LLC / 4C can not be held liable or responsible in any way for any opinions, suggestions, recommendations or comments made by any of the contributors to the various columns on the AMEinfo.com Web site nor do opinions of contributors necessarily reflect those of AME Info FZ LLC / 4C.
In no event shall AME Info FZ LLC / 4C be liable for any damages whatsoever, including, without limitation, direct, special, indirect, consequential, or incidental damages, or damages for lost profits, loss of revenue, or loss of use, arising out of or related to the AMEinfo.com Web site or the information contained in it, whether such damages arise in contract, negligence, tort, under statute, in equity, at law or otherwise.
