Dana Gas PJSC, the Middle East’s first and largest private sector natural gas company, announced the detailed terms, conditions and implementation information for the refinancing transaction in relation to its US$1 billion 7.5% Sukuk-al-Mudarabah due 31 October 2012.
Key Transaction Highlights:
Dr. Adel Khalid Al-Sabeeh, Chairman of the Board of Dana Gas said, “We believe that the terms being announced today represent a comprehensive, long-term solution which balances the interests of all stakeholders. The Board plans to secure necessary stakeholder consents for implementation of the Transaction, while the Company continues to focus on achieving its growth potential over the coming years and continue to realise value.”
Rashid Al-Jarwan, Executive Director and Acting Chief Executive Officer of Dana Gas said: “Dana Gas has a robust asset base and has successfully grown revenues, production, reserves and asset values consistently over the last 5 years, in line with our strategy. The Company’s liquidity constraints were caused by well-known external factors, and we believe that these revised terms of the New Sukuks place Dana Gas on a firm foundation for further growth and progress.”
Next Steps
The Company is being advised by the Blackstone Group International Partners LLP, Deutsche Bank (as Dealer Manager) and Latham & Watkins LLP. The Ad Hoc Committee is being advised by Moelis & Company UK LLP and Linklaters LLP.
[mappress] LNG World News Staff, December 10, 2012