Dana Gas signs $90 million credit facility with Mashreq Bank

Dana Gas signs $90 million credit facility with Mashreq Bank

Dana Gas, the Middle East's leading regional private sector natural gas company, is pleased to announce it has entered into a $90 million corporate facility from Mashreq Bank, which is one of the leading financial institutions in the UAE.The one-year facility is priced at an initial 3% per annum margin over LIBOR. The credit facility can be extended for a further four years at the Company's option.The credit facility follows Dana Gas's announcement in the second quarter that it is 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 31 October 2020. The outstanding total for the Sukuk is