Dana Gas PJSC, whose bondholders include BlackRock Inc (BLK) and Ashmore Group Plc (ASHM), completed the restructuring of $920 million of Islamic bonds after agreeing to pay twice the average yield on emerging markets corporate sukuk.
Dana Gas, which missed sukuk payments in October, will pay bondholders $70 million in cash and split the remaining Shariah- compliant debt into $425 million of convertible bonds and an ordinary sukuk of equal value, the United Arab Emirates fuel producer said in a statement. The five-year convertible bonds will pay a profit rate of 7 percent and the ordinary sukuk 9 percent. That compares with 7.5 percent on the existing sukuk……………………………………….Full Article: Source