Gulf Oil and Gas accountACCOUNT

Dana Gas Said to Hire Blackstone to Restructure Sukuk

Source: Bloomberg 4/24/2012, Location: Middle East

Dana Gas PJSC (DANA) hired Blackstone Group LP (BX), the world’s largest private-equity firm, to advise on the $1 billion restructuring of Islamic bonds maturing in October, three people familiar with the matter said.

Deutsche Bank AG (DBK) is also advising the company, two people with knowledge of the matter said in January. Dana Gas, whose parent Crescent Petroleum Co. owns 3 percent of Hungarian refiner Mol Nyrt. (MOL) said Jan. 17 it would continue to meet debt obligations and appointed an unidentified financial adviser.

Dana Gas, which produces and explores for oil and gas in Egypt and Iraq’s Kurdistan region, said in March money owed by customers almost doubled last year to $501 million from $255 million. The company said $212 million of the total was owed for more than four months. The yield on its 7.5 percent sukuk due October 2012 climbed 23.69 percentage points so far this year to 61.17 percent at 2:35 p.m. in Dubai.

“At the end of the day, we don’t know if they have the ability to repay their debt, and they haven’t given any indication that they can,” Thomas Christie, fixed income sales trader at Rasmala Investment Bank in Dubai, said by phone today. There is “no information on whether they’re getting payments out of Egypt,” he said.

The company’s board will meet on April 25 to consider the progress of its projects, while shareholders will meet the following day. Sharjah, United Arab Emirates-based Dana Gas may restructure the sukuk at 61.5 percent to par value, investment bank Exotix Ltd. said in January.

The outside public relations company for Dana Gas declined to comment when contacted by Bloomberg News. Blackstone and Deutsche Bank also declined to comment.

The stock rose 2.2 percent to close at 47 fils in Abu Dhabi.

Financials and Investment News in United Arab Emirates >>

United States >>  10/11/2019 - BP now expects to deliver divestment proceeds and announced transactions totalling around $10 billion by the end of 2019, comprising the majority of i...
Spain >>  10/10/2019 - Columbus, the oil and gas producer and explorer with operations in Trinidad and Suriname, provides the following update about the La Lora Concession i...

Norway >>  10/7/2019 - Equinor is the operator for 21 projects in the implementation phase, with a total investment of around 210 billion kroner. 20 of these are on the Norw...
United Kingdom >>  10/3/2019 - IGas announces that it has signed a US$40 million senior secured Reserve-Based Lending Facility (RBL) with BMO Capital Markets (BMO). ...

Egypt >>  10/2/2019 - Egypt's market has been expecting the government's decision on the new fuel prices after applying the automatic fuel pricing mechanism. ...
Australia >>  10/1/2019 - Polarcus Limited (PLCS) has secured high industry prefunding for a multi-client project in Australia. The project will commence in Q4 2019 with an app...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


United Arab Emirates Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 |

More News

Related Links

AE BH IL IQ JO KW LB OM QA SA SY YE
Gulf Oil and Gas
Copyright © 2019 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.