Dana Gas Signs Financing Facility to Fully Redeem Outstanding USD 309 Million Sukuk

United Arab Emirate-based energy producer, Dana Gas, has announced that it would fully redeem its outstanding USD 309 million Sukuk Mudarabah at the maturity date of 31st of October 2020, using a combination of cash reserves and a new USD 90 million corporate financing facility from Mashreq Bank.

The one-year credit facility from Mashreq Bank is priced at an initial 3% per annum margin over the London Interbank Offered Rate and will be repaid following the planned sale of the company’s Egyptian assets. The credit facility can be extended for a further four years at the company’s option, according to a statement released by Dana Gas on the 15th of October 2020.

According...