Dana Gas PJS : ’ Sukuk Win “Restructuring Deal of the Year” Award

21 April 2014

Sharjah, UAE

Dana Gas PJSC, the Middle East's largest regional private sector natural gas company, is pleased to announce that it has won the "Restructuring Deal of the Year" award, recognizing the Company's outstanding achievement in restructuring its Sukuk.

The award, presented at the 6th Annual International M&A Advisor Awards in New York, was received on behalf of Dana Gas by Neeraj Agrawal Project Director and Ranga Kishore, Head of Financing. The award also recognized the Blackstone Group, which was mandated by Dana Gas to advise on the restructuring.

Commenting on the award, Dr. Patrick Allman-Ward, Chief Executive Officer, said: "This award recognises the tremendous efforts of our in-house team and external advisors in successfully restructuring Dana Gas' sukuk. I congratulate the deal team on this important recognition of their work, which has left the Company in a stronger financial position and provided a solid foundation for our future strategic growth plans."

The nominations for the 6th annual awards, representing over 300 participating regional, national and global companies, were judged by an independent jury of industry experts. The awards were presented in New York, in conjunction with the 2014 International Financial Forum. The International Financial Forum is a private summit, bringing together over 500 of the world's most active cross-border dealmakers and other key international market experts, including academics, media, and political influencers.

In May 2013, Dana Gas PJSC completed the refinancing of its US$1 billion Trust Certificates (Sukuk-al-Mudarabah) issued by Dana Gas Sukuk Limited. The New Sukuk of US$850 million (US$425 million of Convertible Sukuk and US$425 million of Ordinary Sukuk) were subsequently listed on the Global Exchange Market of the Irish Stock Exchange.

As part of the transaction, the Company reduced its outstanding debt from US$1 billion to US$850 million. This was via a US$70m cash pay-down and the cancellation of another US$80 million of the Existing Sukuk already owned by the Company.

On 31 October 2013, the conversion period for the convertible Sukuk issued on 8 May 2013 commenced, which will expire 25 trading days prior to 31 October 2017. During this period, Sukuk holders have the right to convert all or part of the convertible Sukuk into ordinary shares of the Company. Subsequently, as of 21st April 2014, Dana Gas has received conversion notices for the convertible sukuk amounting to US$ 61.4 million, with a total of 300.6 million (approx.) ordinary shares of the Company calculated at a conversion price of AED 0.75 (nominal value AED 1.00) being issued to satisfy the notices. The difference in value between the conversion price and the nominal value of the shares is accounted for by appropriation from the capital reserves of the Company.