Dana launches consent solicitation

Dana Gas on Wednesday launched a consent solicitation process on its five-year $1 billion convertible sukuk to gain permission from noteholders to restructure the Islamic bond.

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Published: Thu 28 Mar 2013, 10:47 PM

Last updated: Sat 4 Apr 2015, 9:45 AM

A sukukholder meeting is scheduled for April 23 to coincide with a shareholders’ vote on the restructuring process. The Sharjah-based company is proposing to split the Islamic bond into two parts — a $425 million convertible and a $425 million regular sukuk, with an average profit rate of eight per cent.

The remaining $150 million is to be taken care off through a partial repayment and a writedown of company-owned paper. The terms were agreed earlier this year with a committee of creditors that represents the majority of noteholders including asset managers BlackRock and Ashmore Group.

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