Dana Gas, the Abu Dhabi-listed energy company, has seen its share price climb since unveiling details of its $1bn Islamic bond restructuring deal on Monday.
Dana Gas, which has had to overcome cash flow issues because of late payments in troubled Egypt and Iraqi Kurdistan, offered a $70m cash payment to the creditor group led by Ashmore and BlackRock.
Dana, the region’s largest private gas producer, will cancel $80m of the sukuk it had bought earlier in the market. The remaining $850m will be rolled into two new sukuk instruments: regular, which pays a profit rate (sharia equivalent of interest) at 9 per cent. The other instrument, a convertible, will pay a profit rate of 7 per cent.
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