UAE-based, KRG focused independent Dana Gas announced 2 November that it has “fully redeemed the $309mn” outstanding balance of a Sukuk issued on 31 October 2017. Dana, which has a history of strained relations with its Sukuk holders (MEES, 18 August 2017), had already made $221mn worth of repurchases on the Sukuk, which had an original balance of $530mn.
With the payment deadline looming, Dana last month secured a $90mn one year loan from the UAE’s Mashreq Bank. This will be repaid from the sale of the firm’s producing Egypt assets, with Texas-based IPR Energy last week agreeing to pay up to $236mn (MEES, 30 October). (CONTINUED - 132 WORDS)