Abu Dhabi – Mubasher: Dana Gas has paid off $309 million of its Sukuk, fully redeeming all its outstanding Sukuk, according to a press release on Monday.
The Principal Paying Agent has confirmed the receipt of the fund, which will be disbursed to the clearing systems on 2 November 2020.
With an original balance of $530 million, the Sukuk was issued on 31 October 2017.
The company has repurchased $221 million of the Sukuk during the last three years, decreasing the total amount of its outstanding Sukuk to $309 million.
The run-rate Sukuk profit payments at the time of issue in 2017 were $21.2 million per year given the 4% annual profit rate.
Currently, the company has a $90 million credit facility at the corporate level, with less than $3 million interest cost per year at the initial margin of 3% plus LIBOR.
It is noteworthy to mention that in the first half (H1) of 2020, the company incurs net losses of AED 69 million, compared to net profits of AED 513 million in the same period of 2019.