Dana Gas enters $90m credit facility agreement with Mashreq Bank

Dana Gas enters $90m credit facility agreement with Mashreq Bank

UAE – Mubasher: Dana Gas has signed a credit facility agreement worth $90 million with Mashreq Bank, according to a press release on Thursday.

The one-year facility, which could be extended for additional four years, is priced at an initial 3% per annum margin over LIBOR. 

The credit facility agreement was entered after Dana Gas had announced its objective to explore financial opportunities to settle its Sukuk by the due date.

Hence, the credit facility will enable the company to redeem the Sukuk, amounting to $309 million, at the maturity date of 31 October 2020.

Dana Gas will repay Mashreq Bank after the planned sale of its Egyptian assets is completed.