Dana Gas successfully completes sukuk refinancing

Dubai: Dana Gas has completed the restructuring of its $920 million (Dh3.4 billion) Islamic bond, or sukuk, it said Thursday.

Beset by late payments for its products in Egypt and Iraq’s Kurdistan region, Dana had sought new terms on the debt after missing its scheduled repayment date last year. The company received approvals from sukuk-holders and equity shareholders earlier this year to pay down $70 million of the debt in cash while extending the remainder for five years in two new sukuks.

With the completion of the deal, both $425 million sukuks have been listed on the Irish Stock Exchange, Dana said in an emailed statement. Sukuk-holders also got security worth $300 million over Dana’s Egyptian assets and some of its UAE assets, it said.