Dana Gas PJSC, the Middle East's first regional private-sector natural gas company, announced today that it has successfully placed its Convertible Sukuk issue of US$ 875 million. The size of the issue was increased from its initial amount of US$ 750 million following strong market interest.
This is the first accelerated exchangeable bond in the Middle East and also the third largest convertible to be completed in the region. The sukuk issue is part of Dana Gas' strategy to put in place the most efficient capital structure through broadening and diversifying the financing channels for the continued growth and expansion of the Company's activities.
The Sukuk exchangeable bond is one of the most sophisticated equity-linked structures to be issued, due to its combination of features including Shariah compliant and onward-starting structures, as well being the first Sukuk with delayed settlement. The issue of the convertible sukuk offering was approved by the Company's shareholders at an Extraordinary General Meeting held in July.
The Sukuk was structured as Sukuk al-Mudarabah and will mature in 2012. The terms grant rights to Sukuk holders to exchange their Sukuk into ordinary shares of Dana Gas subject to certain conditions.
Dana Gas is currently active in all aspects of the growing natural gas business in several countries across the region, with major projects and operations in the UAE, Egypt and most recently in the Kurdistan Region in Northern Iraq, as well as new projects under development in other countries in the Middle East. The Company's $1.1 billion acquisition of Centurion Energy earlier this year placed Dana Gas as the sixth largest gas producer in Egypt, with further recent gas discoveries made as part of an active drilling program. In April, Dana Gas also concluded important agreements for gas projects with the Kurdistan Regional Government of Iraq, with a first phase investment of approximately US$ 400 million. Source
This is the first accelerated exchangeable bond in the Middle East and also the third largest convertible to be completed in the region. The sukuk issue is part of Dana Gas' strategy to put in place the most efficient capital structure through broadening and diversifying the financing channels for the continued growth and expansion of the Company's activities.
The Sukuk exchangeable bond is one of the most sophisticated equity-linked structures to be issued, due to its combination of features including Shariah compliant and onward-starting structures, as well being the first Sukuk with delayed settlement. The issue of the convertible sukuk offering was approved by the Company's shareholders at an Extraordinary General Meeting held in July.
The Sukuk was structured as Sukuk al-Mudarabah and will mature in 2012. The terms grant rights to Sukuk holders to exchange their Sukuk into ordinary shares of Dana Gas subject to certain conditions.
Dana Gas is currently active in all aspects of the growing natural gas business in several countries across the region, with major projects and operations in the UAE, Egypt and most recently in the Kurdistan Region in Northern Iraq, as well as new projects under development in other countries in the Middle East. The Company's $1.1 billion acquisition of Centurion Energy earlier this year placed Dana Gas as the sixth largest gas producer in Egypt, with further recent gas discoveries made as part of an active drilling program. In April, Dana Gas also concluded important agreements for gas projects with the Kurdistan Regional Government of Iraq, with a first phase investment of approximately US$ 400 million. Source
No comments:
Post a Comment