Dana Gas completes $920m sukuk restructuring

Dana Gas has completed a $920m sukuk restructuring with creditors, having defaulted on the notes in early November. The Sharjah-based company will pay down $70m in cash and issue two new $425m five year sukuk — one ordinary and one convertible — paying 9% and 7%, respectively. The previous deal’s coupon was 7.5%.

  • 11 Dec 2012