Goldman, BlackRock Offer Dana Deal to End $700 Million Debt Saga
- Ad-hoc committee proposes cash pay-down of $300m at par
- Committee asks for dual listing on London Stock Exchange
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Dana Gas PJSC bondholders, including BlackRock Inc. and Goldman Sachs Group Inc., submitted a proposal to the Middle Eastern energy producer to resolve a dispute over a $700 million sukuk that shocked the Islamic finance industry this year. A person close to the company said the terms aren’t acceptable.
The deal, which has support from over 70 percent of sukukholders, includes a cash pay-down of $300 million at par and a dual-listing of the company’s shares on the London Stock Exchange, the ad hoc committee of bondholders said in a statement. It also sought a maturity extension of three years.