Dana Gas restructures $700 million Sukuk bond

Dana Gas restructures $700 million Sukuk bond

Dana Gas PJSC, the Middle East’s largest regional natural gas company said it reached an agreement with the Ad-Hoc committee of Sukukholders on terms and conditions of an offer for the restructuring and refinancing of its Sukuk Al-Mudarabah, the nominal value of which on 31 October 2017 was $700 million.

Sukukholders representing in excess of 52% of the aggregate amount of the existing Exchangeable Certificates and in excess of 30% of the existing Ordinary Certificates have entered into a binding lock-up and standstill agreement with the Company in connection with the mutually agreed proposed restructuring.

The Company and members of the AHC currently involved in litigation have also entered into a Litigation Dismissal Agreement that provides a mechanism for the dismissal of all pending litigation and a release of certain claims.