Shareholders of Abu Dhabi-listed energy firm Dana Gas approved on Tuesday a plan to restructure its $920m Islamic bond, the company said.
Last October Dana became the first company in the UAE to miss repayment of a maturing bond, but it subsequently agreed new terms with a creditor committee representing bondholders, which included investment firms Ashmore Group and BlackRock.
Under the plan, the company will repay $70m in cash, with the remaining $850m split equally between two new five-year sukuk - an ordinary Islamic bond and a convertible sukuk - which will pay an average coupon of 8 percent. The new sukuk will be issued on May 8.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.