DUBAI, Feb 19 (Reuters) - Shareholders of Dana Gas
Dana became the first company in UAE to miss repayment of a maturing bond on October 31 but agreed new terms with a creditor committee representing bondholders, which included investment firms Ashmore Group
The company has been hamstrung by payment delays on gas it supplied to Egypt and Iraq's Kurdistan region. In early December, Dana's outstanding receivables amounted to $220 million and $350 million respectively, according to a company statement at the time.
Under the plan, the Sharjah-based company will repay $70 million in cash, with the remaining $850 million split equally between two new five-year sukuk - an ordinary Islamic bond and a convertible sukuk - which pay an average coupon of 8 percent.
Crescent Petroleum, the largest shareholder in Dana with a 20 percent stake, will back the restructuring plan, its chief executive told Reuters in January.
Dana posted a 20-percent rise in 2012 net profit on the back of higher oil prices and lower costs, it said earlier this month.
(Reporting by David French; Editing by Dinesh Nair)
((davidj.french@thomsonreuters.com)(+971 4 362 5864)(Reuters Messaging: davidj.french.thomsonreuters.com@reuters.net))
Keywords: EMIRATES DANAGAS/SUKUK