Dana Reaches Deal With Main Holders of $700 Million Sukuk
- Deal involves paying 20 cents to the dollar up front
- Rest rolled into 3-year security that pays 4-percent coupon
Photographer: Tomohiro Ohsumi/Bloomberg
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Dana Gas PJSC has reached an agreement with key holders of $700 million of its Islamic bonds to restructure the securities, two people with knowledge of the matter said, possibly ending a legal battle that has unnerved the Islamic finance industry.
A committee representing sukukholders, which include BlackRock Inc. and Goldman Sachs Group Inc., agreed to accept an immediate cash payout of 20 cents to the dollar and to roll the rest into a three-year security, said the people, asking not to be identified because the information isn’t public. A spokesman for the Sharjah, United Arab Emirates-based energy company said it won’t comment on rumors or speculation.