Dana eyes $1bn bond repayment
Abu Dhabi, March 27, 2013
Dana Gas, the Abu Dhabi-listed energy firm, said it has begun seeking consents from the holders of $1 billion Sukuk-al-Mudarabah (Islamic bond) issued by Dana Gas Sukuk to restructure the bond on previously-announced terms.
Confirming the launch of consent solicitation, Dana Gas said the Sukukholder meeting to approve the refinancing transaction will be held on April 23 along with the final shareholders meeting.
Also as a normal part of the process, Dana Gas has issued an announcement on the UK Regulatory News Service confirming the launch of the consent solicitation, a period in which the company seeks approval from holders of the Sukuk.
Separately, the company is also seeking the consent of shareholders of Dana Gas to the terms of the refinancing.
The company had previously executed a Lock-up and Standstill Agreement with the Ad Hoc Committee of Sukukholders, which represents a majority of the outstanding principal amount of the existing sukuk.-TradeArabia News Service