Reuters: Private Equity: UAE's Dana Gas seeks consensual deal on sukuk repayment

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UAE's Dana Gas seeks consensual deal on sukuk repayment May 15th 2012, 06:02 DUBAI | Tue May 15, 2012 2:02am EDT DUBAI May 15 (Reuters) - Dana Gas said on Tuesday it is committed to finding a consensual solution for a $1 billion Islamic bond, or sukuk, repayment due in October. The Abu Dhabi-listed natural gas producer said it had hired Deutsche Bank, Blackstone Group and law firm Latham & Watkins to advise on options for discussions with sukukholders and their advisors. It said cash flow had been affected by global economic conditions and regional events, including Egyptian unrest last year which delayed payments from the government. "Although the economic realities outlined above affected Dana's ability to raise new funding, the company is committed to finding a consensual solution that is equitable to all stakeholders," it said in a statement. Dana has $920 million outstanding on the convertible sukuk. The firm reported first-quarter net profit of 206 million dirhams ($56.08 million) on Tuesday, more than double that of the prior-year period.

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