Dana Gas, the first UAE group to default on an Islamic bond, is offering bondholders $70 million in cash and an average 8 percent coupon on the remaining $850 million of debt in a move to buy time to fix its finances.
The Abu Dhabi-listed natural gas producer, hit by payment delays on supplies to Egypt and Iraq's Kurdistan region, missed a bond redemption when the $920 million sukuk matured on Oct. 31.
It reached a restructuring deal on Nov. 7, potentially averting the seizure of its Egyptian assets.
No comments:
Post a Comment