Dana Gas signs $90 million credit facility with Mashreq Bank

Dana Gas signs $90 million credit facility with Mashreq Bank

Dana Gas signs $90 million credit facility with Mashreq Bank

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Dana Gas, a regional private sector natural gas company, announced that it has entered into a US$90 million corporate facility from Mashreq Bank. The one-year facility is priced at an initial 3 per cent per annum margin over LIBOR.

The credit facility can be extended for a further four years at the company's option, said a Dana Gas press statement on Thursday.

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 31st