UAE's Dana Gas raises loan, avoids another restructuring | Reuters:
United Arab Emirates energy firm Dana Gas has raised a $90 million loan allowing it to redeem $309 million in bonds due at the end of October and avoid a third debt restructuring.
The company whose main assets are in Egypt and in the Kurdistan Region of Iraq said on Thursday it had obtained a one-year $90 million loan from Mashreq Bank.
“In conjunction with the company’s cash reserves, the facility will allow full redemption of the sukuk at the maturity date of 31 October 2020,” it said.
In July, Dana hired financial firm Houlihan Lokey to advise it on the sukuk, or Islamic bonds, which it had already restructured twice.
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