Dana Gas board discussing sukuk terms

DUBAI Sun Nov 18, 2012 12:53am EST

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DUBAI Nov 18 (Reuters) - The board of Dana Gas is meeting on Sunday morning to discuss progress in restructuring the company's $920 million Islamic bond which matured last month, the company said in a stock exchange statement.

Natural gas producer Dana, headquartered in the emirate of Sharjah, said on Nov. 7 it had reached an agreement in principle with creditors on restructuring the sukuk, and would pay holders a mix of cash and two new bonds. The new bonds would be a sukuk and a convertible sukuk.

Detailed terms of the restructuring and the proposed new sukuk are yet to be made public.

The Dana Gas board will also discuss the company's projects in Egypt, Iraq's Kurdistan and the United Arab Emirates, the statement said.

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