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DANA GAS CO PJS (DANA)

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Dana Gas Co PJS : Dana Gas Successfully Completes Sukuk Refinancing

05/09/2013 | 02:43am US/Eastern
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9 May 2013

Sharjah

Dana Gas PJSC, the Middle East's leading private sector regional natural gas company, confirms that on 8th May 2013 it has completed the refinancing of the US$ 1 billion Trust Certificates (Sukuk-al-Mudarabah) issued by Dana Gas Sukuk Limited. This follows the overwhelming approvals to the refinancing plan received from both Sukuk Certificate holders and Shareholders on 23 April 2013.  The New Sukuk of US$ 850 million (US$425 million of Convertible Sukuk and US$425 million of Ordinary Sukuk) have been listed on the Global Exchange Market of the Irish Stock Exchange. 

Dr. Adel Al-Sabeeh, Chairman of the Board of Dana Gas, said: "The completion of the financial restructuring is an important step and this will underpin our strategic growth plans in Kurdistan, Egypt and the Eastern Mediterranean. We would like to thank shareholders and sukukholders for their support and confidence in our business."

Rashid Al-Jarwan, Executive Director and Acting Chief Executive Officer of Dana Gas said: "The restructuring process has now been formally completed and this puts Dana Gas in a stronger financial position.  The Company can now look forward to pursuing its long term regional growth strategy with the renewed confidence of its key stakeholders."

As previously announced, key transaction highlights are as follows:

  • Reduction in the Company's outstanding debt from US$1 billion to US$850 million via US$70m cash pay-down and cancellation of another US$80 million of the Existing Sukuk already owned by the Company.
  • Remaining US$850 million split into two tranches, a US$425 million 7.0% Convertible Sukuk with a conversion price of AED 0.75 and a US$425 million 9.0% Ordinary Sukuk (together the "New Sukuks") each with a 5-year maturity to 31 October 2017, the combination of which will ensure that the potential dilution for shareholders remains substantially similar to current levels.
  • The average combined profit rate on the two New Sukuks is 8%, representing a slight increase over the Existing Sukuk profit rate of 7.5%
  • This average profit rate of 8%, together with  the lower debt amount of US$850 million, constitutes a lower debt servicing obligation on the Company as compared to the debt servicing obligations under the Existing Sukuk
  • The security package available to holders of the New Sukuks will be enhanced by US$300 million of value (inclusive of security over receivables of the Company's Egyptian assets), but is restricted to the Company's Egyptian assets and certain UAE assets
  • Dana Gas has the option to pay down the outstanding principal amount of the New Sukuks prior to the new maturity date of 31 October 2017, subject to the applicable call premia on the Ordinary Sukuk and the soft call provisions on the Convertible Sukuk.

Cautionary Note Regarding Forward-Looking Statements and Other Disclaimers

This press release contains forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes," "estimates," "anticipates," "expects," "intends," "may," "will" or "should" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this press release and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which we operate.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, our financial condition and liquidity, and the development of the industry in which we operate, may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if our results of operations, our financial condition and liquidity, and the development of the industry in which we operate, are consistent with the forward-looking statements contained in this press release those results or developments may not be indicative of results, conditions or developments in subsequent periods.

All forward-looking statements attributable to us are expressly qualified in their entirety by these cautionary statements. We undertake no obligation to publicly update or publicly revise any forward-looking statements, whether as a result of new information, future events or otherwise. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained elsewhere in this press release.

Under no circumstances shall this announcement constitute an offer to sell, or the solicitation of an offer to buy, any securities nor shall there be any sale of the securities mentioned in this press release in any jurisdiction in which such offer, solicitation or sale would be unlawful.  The potential transaction described in this announcement and the distribution of this announcement and other information in connection with the potential transaction in certain jurisdictions may be restricted by law and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction.  Information regarding the potential transaction and the securities shall be contained in an offering document, if any, that may be produced by the issuer of the securities and potential investors should refer to such offering document when, and if, it becomes available. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.  This communication is not, and may not be used in connection with, an offer of securities for sale or the solicitation of an offer to buy securities in the United States, Australia, Canada, Japan, Bahrain or Qatar or any other jurisdiction where such offers or solicitations are not permitted by law.  The Issuer has not registered, and does not intend to register, such securities in any of these jurisdictions and does not intend to conduct a public offering of such securities in any of these jurisdictions.  In particular, no such securities of the Issuer have been nor will be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and such securities may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.  This information is not to be shown or given to any person other than the recipient, and is not to be forwarded to any other person, copied or otherwise reproduced or distributed to any other person in any manner whatsoever.  Failure to comply with this directive can result in a violation of the Securities Act.

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