UAE's Dana Gas shareholders approve sukuk restructuring

April 23, 2013 - 11:59:10 am
DUBAI: 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. (Reuters)