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UAE’s Dana Gas shareholders approve sukuk restructuring

GasOil premiums

Under the plan, the company will repay $70 million in cash, with the remaining $850 million split equally between two new five-year sukuk – an ordinary Islamic bond and a convertible sukuk

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April 24, 2013 6:58 by



Shareholders of Abu Dhabi-listed energy firm Dana Gas approved on Tuesday a plan to restructure its $920 million Islamic bond, the company said.

Last October Dana became the first company in the United Arab Emirates to miss repayment of a maturing bond, but it subsequently agreed new terms with a creditor committee representing bondholders, which included investment firms Ashmore Group and BlackRock.

Under the plan, the company will repay $70 million in cash, with the remaining $850 million split equally between two new five-year sukuk – an ordinary Islamic bond and a convertible sukuk – which will pay an average coupon of 8 percent. The new sukuk will be issued on May 8.



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