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Dana Gas provides update on the USD 1 billion Sukuk maturity
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Sunday, 04 Nov 2012
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WAM reported that Dana Gas PJSC provided an update on the status of the USD 1 billion Sukuk al Mudarabah which matured.

Dana Gas is in ongoing discussions with Ad hoc Committee of Sukuk holders over terms to amend and extend the Sukuk. The desirability to amend and extend the terms of the Sukuk became evident in the interests of all stakeholders owing to the recent liquidity challenges that have emerged as a result of challenging external macro economic and political circumstances in the region, including the extensively reported problems of payment delays where the Company operates.

As discussions continue, The Company has not paid the principal amount of USD 920 million due on October 31st 2012 and the accrued profit amount of USD 18.75 million due on October 30th 2012 as they are the subject of the aforesaid discussions. Until this date, the Company has consistently honored its payment obligations. To date, USD 356 million has been paid to Sukuk holders over the last 5 years.

The Company believed that the aforesaid liquidity challenges are short term and is encouraged by recent developments regarding receivables due to Dana Gas. The Egyptian Government in particular made significant efforts to address the backlog of payments due to Dana Gas PJSC. In the meantime, operations continue as normal and unabated. Most recently, the Company has announced a new gas discovery at West Sama-1 in the Nile Delta and the commencement of production from its JV with Egyptian Government owned EGAS, the Egyptian Bahrain Gas Derivatives Company to produce NGL at Ras Shukeir.

Source - WAM

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