Dana Gas plans sukuk refinancing

Dana Gas plans sukuk refinancing

Published: November 22, 2011

UAE-based gas group hires international banks four years after US$1bn deal.

Dana Gas, a UAE-based gas company, is in discussions with international banks as it weighs up funding options and plans to refinance its existing borrowing.

Announcing third-quarter profits of AED143mn (US$38mn), four times greater than the same period in 2010, the company said it is “collaborating with a number of international banks for collective advice on financial strategy, capital structure, refinancing the company’s US$1bn sukuk, and for developing further the group’s plans to list its upstream business on the London Stock Exchange”.

The company issued its sukuk in October 2007. Following strong demand, the size of the offering was increased from US$ 750mn to US$1bn.