Dana Gas PJSC (DANA) said it’s committed to find a “consensual solution” on a $1 billion Islamic bonds maturing in two months as its trade receivables increased.
“The company is committed to finding a consensual solution that is equitable to all stakeholders,” the Sharjah, United Arab Emirates-based company said in a statement to the Abu Dhabi stock market today. “The company will provide further updates as further progress is made.”
The yield on its 7.5 percent notes maturing Oct. 31 has soared this year on concern about Dana Gas’s ability repay and after its biggest shareholder, Crescent Petroleum Co., said it has no plan to provide cash to the gas producer. The notes slumped to 70.12 cents to the dollar today, lifting the yield to a record 217 percent, according to data compiled by Bloomberg.
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