UAE's Dana Gas appoints financial adviser for Islamic bonds
July 26, 2020
Houlihan Lokey has been appointed as the company’s financial adviser in relation to its Nile Delta Sukuk
DUBAI: United Arab Emirates' Dana Gas said on Sunday it has appointed a financial adviser in relation to its dollar-denominated Islamic bonds, which the company has already restructured twice.
Dana said in a bourse filing it had appointed Houlihan Lokey "as the company’s financial adviser in relation to its Nile Delta Sukuk. The Nile Delta Sukuk currently has $379.6 million outstanding and matures on 31st October 2020."
Earlier this month the firm asked bondholders to disclose their holdings, a document seen by Reuters showed, with some investors saying the request was possibly a first step toward another restructuring of the firm's debt.
Dana Gas rocked the global Islamic finance industry in 2017, when it said it would not redeem its $700 million sukuk, or Islamic bonds, arguing they were no longer valid under UAE law because of changes in Islamic financial practice.
After a protracted legal battle, it reached an agreement with creditors in 2018. That restructuring followed one in 2012.