Dubai: Dana Gas, the privately owned energy company, has redeemed in full the $309 million on its sukuk oustanding, helped by a $90 million credit facility from Mashreq Bank and the sale of some its interests in Egypt.
The Sukuk (with an original balance of $530 million) was issued on October 31, 2017, with $221 million of repurchases taking place during the last three years.
Dr Patrick Allman-Ward, CEO of Dana Gas, said: “We are pleased to have settled all our obligations with our sukuk holders as scheduled and have now significantly reduced our ongoing financing costs. We have a substantial growth potential from our asset base which includes, (once the previously announced sale of our Egyptian assets completes), two world-class fields in the KRI and a highly prospective offshore block in Egypt.”
The receipt of the $309 million has been confirmed by the principal paying agent, and will be disbursed to the clearing systems today November 2), which is the business day following the scheduled redemption date of October 31, 2020. The funds should therefore be received by the clearing system participants by tomorrow, although the timing of receipt for each ultimate holder will depend on individual arrangements with their brokers.