Dana Gas fully redeems $309m sukuk

Dana Gas fully redeems $309m sukuk

Sharjah-based Dana Gas, the Middle East's largest regional private sector natural gas company has announced that it has fully redeemed the $309 million of the outstanding sukuk.

Receipt of the funds has been confirmed by the Principal Paying Agent, and the Agent will disburse these funds to the clearing systems on the 2nd November, the business day following the scheduled redemption date of 31 October 2020.

The funds should therefore be received by the clearing system participants on the next business day (November 3), although the timing of receipt for each ultimate holder will depend on individual arrangements with their brokers.

 

The sukuk (with an original balance of $530 million) was issued on 31 October 2017, with $221 million of repurchases taking place during the last three years.  

 

As per the announcement on