UAE’s Dana Gas raises loan, avoids another restructuring

SectorOil & Gas
CountryUnited Arab Emirates

In July, Dana hired financial firm Houlihan Lokey to advise it on the sukuk, or Islamic bonds, which it had already restructured twice. Reuters , Friday 16 Oct 2020 FILE PHOTO: A view shows UAE's Dana Gas building in Cairo November 2, 2012. REUTERS United Arab Emirates energy firm Dana Gas has raised a $90 million loan allowing it to redeem $309 million in bonds due at the end of October and avoid a third debt restructuring. The company whose main assets are in Egypt and in the Kurdistan Region of Iraq said on Thursday it had obtained a one-year $90 million loan from Mashreq Bank. “In conjunction with the company’s cash reserves, the more...