Gulf Oil and Gas accountACCOUNT

Dana Gas Signs US$90M Credit Facility with Mashreq Bank

Source: 10/15/2020, Location: Middle East

Dana Gas PJSC, the Middle East’s leading regional private sector natural gas company, has entered into a US$90 million corporate facility from Mashreq Bank, which is one of the leading financial institutions in the UAE.

The one-year facility is priced at an initial 3% per annum margin over LIBOR. The credit facility can be extended for a further four years at the Company’s option.

The credit facility follows Dana Gas’s announcement in the second quarter that it was exploring financial options to settle its Sukuk by the due date. In conjunction with the Company’s cash reserves, the facility will allow full redemption of the Sukuk at the maturity date of 31 October 2020. The outstanding total for the Sukuk is currently $309 million.

The Mashreq facility will be repaid when the planned sale of Dana Gas’s Egyptian assets is completed.

Dr Patrick Allman-Ward, Chief Executive Officer of Dana Gas, said: “This facility is testament to Dana Gas’s financial and operational strength despite the challenging market conditions brought about by the global health pandemic and its negative impact on the global economy and oil and gas prices. Dana Gas’s robust financial position will allow the facility to be fully repaid when the sale of our Egyptian assets is completed. We are delighted to have formed a new, strong partnership with Mashreq and look forward to developing the relationship further.”

Ahmed Abdelaal, Group CEO of Mashreq Bank said: “Despite challenging circumstances posed by Covid-19 and the uncertainty with macro-economic conditions, Dana Gas has exhibited robust financial strength and this partnership demonstrates Mashreq’s commitment to being a leading catalyst for the growth of the energy sector in the region. Mashreq aims to offer innovative financing solutions to its partners and clients, and we are delighted to extend this credit facility to Dana Gas, which is the Middle East’s largest regional private sector natural gas company. The credit facility will provide the company additional financial flexibility as it implements its business strategy.”

Financials and Investment News in United Arab Emirates >>

United Arab Emirates >>  10/15/2020 - Dana Gas PJSC, the Middle East’s leading regional private sector natural gas company, has entered into a US$90 million corporate facility from Mashreq...
United Kingdom >>  10/15/2020 - Rolls-Royce Holdings plc announces that it has successfully priced an offering (the "Bond Offering") of three tranches of senior unsecured notes denom...

Australia >>  10/14/2020 - Warrego Energy has received firm commitments for a $32.0million two-tranche Placement to institutional and sophisticated investors at an offer price o...
Denmark >>  10/13/2020 - A.P. Moller - Maersk is changing its full-year guidance for 2020 based on preliminary Q3 figures and the current outlook for Q4.

Søren Sko...

Ghana >>  10/13/2020 - Kosmos Energy has successfully completed the re-determination of its reserve based lending credit facility (“RBL”).

During the September re...

Vietnam >>  10/13/2020 - Energy Capital Vietnam (ECV), a US-based project holding and development company established to serve as a platform for private investment into Vietna...

United Arab Emirates Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.