Dana Gas, in talks to restructure a $920 million Islamic bond, is offering bondholders cash and an average 8 percent coupon on two new sukuks to replace the existing one, two sources said.
The natural gas producer became the first United Arab Emirates company to miss a bond redemption when the sukuk matured on Oct. 31. Dana reached the restructuring deal on Nov. 7, potentially averting the seizure of its Egyptian assets.
Bondholders will be paid between $80 million and $90 million in cash and the new bonds will be equally split between a sukuk and a convertible bond, one person familiar with the matter said.
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