Abu Dhabi – Mubasher: Dana Gas’ creditors have rejected the UAE-based energy producer's new proposal to restructure its $700 million sukuk and are waiting for better terms, Reuters reported on Tuesday, citing two sources familiar with the matter.
The Abu Dhabi-listed firm has submitted the latest restructuring proposal to sukukholders since two weeks ago, one of the sources said.
Dana offered to pay off 10% of the sukuk in cash and to roll over the remaining 90% over four years at an annual profit rate of 4%, the source added.
The Emirati gas company also offered to purchase back up to half of the Islamic bonds at a 15% discount, according to the London-based news agency.
Dana Gas previously abstained from repaying holders of the sukuk which matured last year, claiming that sukuk were not compliant with the Islamic legislative system due to changes in the practice of Islamic financing.
