Dana to pay $100m cash to bondholders

Dana Gas PJSC plans to pay bondholders about $100 million in cash as part of the $920 million debt restructuring accord the company agreed this month, a person familiar with the deal said.

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Published: Fri 23 Nov 2012, 11:55 PM

Last updated: Tue 7 Apr 2015, 2:47 PM

The cash would be paid to holders of the Shariah-compliant notes, or sukuk, once a lockup agreement between Dana Gas and its creditors is signed, likely later this month, according to the person, who asked not to be identified because the information is private. Dana Gas, which didn’t pay the $920 million sukuk when they matured at the end of October, said on November 7 it had reached a restructuring agreement with its main noteholders including a partial cash payout.

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