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BRIEF-UAE's Dana sukuk restructuring vote postponed to April 23
March 24, 2013 / 9:31 AM / 5 years ago

BRIEF-UAE's Dana sukuk restructuring vote postponed to April 23

DUBAI, March 24 (Reuters) - Dana Gas, the Abu Dhabi-listed energy firm, postponed the shareholder vote for restructuring of the $920 million sukuk to April 23 after a meeting on Sunday failed to meet the required quorum. This is the second time the meeting has been rescheduled after a majority was not reached at a shareholder meet on March 21. Dana announced the new date in a filing on the Abu Dhabi bourse. Dana became the first company in the United Arab Emirates to miss repayment of a maturing bond on October 31 but agreed new terms with a creditor committee representing bondholders, which included investment firms Ashmore Group and BlackRock , a week later.

Under the plan, the Sharjah-based company will repay $70 million in cash, with the remaining $850 million split equally between two new five-year sukuk - an ordinary Islamic bond and a convertible sukuk - which pay an average coupon of 8 percent.

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