Browse
related articles
Dana's bondholders pleased with new restructuring deal
- United Arab Emirates: Monday, November 26 - 2012 at 05:45
Sharjah-based Dana Gas, in talks to restructure a $920m Islamic bond, is offering bondholders cash and an average 8% coupon on two new sukuk to replace the existing one, Reuters has reported, citing two sources. Bondholders will be paid between $80m and $90m in cash, and the new bonds will be equally split between a sukuk and a convertible bond, one person familiar with the matter said. After the cash payment, the balance on the Islamic bond - which is mainly held by investment firms such as Ashmore Group and BlackRock - will be replaced by two equal tranches that mature in 2017. "Bondholders are quite happy with the offer which does not include a haircut as the market had previously expected," the source said. "The other alternative of seizing the underlying assets wasn't the bondholders' best option."
Related Content
Article Options
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.
