BRIEF-Dana Gas, creditors in restructuring deal for $920 mln sukuk

DUBAI Mon Dec 10, 2012 7:16am EST

DUBAI Dec 10 (Reuters) - Dana Gas Co PJS : * Reaches lock-up agreement with bondholders to restructure $920 million

Islamic bond * Says outstanding debt to be reduced to $850 million via $70 million cash

paydown and $80 million cancellation of current sukuk * To split $850 million debt into convertible and ordinary sukuk with 5 year

maturity * Says average combined profit rate on two new sukuk is 8 percent