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MarketScreener Homepage  >  Equities  >  Abu Dhabi Securities Exchange  >  Dana Gas    DANA   AED000701014

DANA GAS

(DANA)
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UAE's Dana Gas raises loan, avoids another restructuring

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10/15/2020 | 04:11am EDT

DUBAI, Oct 15 (Reuters) - United Arab Emirates energy firm Dana Gas has raised a $90 million loan allowing it to redeem $309 million in bonds due at the end of October and avoid a third debt restructuring.

The company whose main assets are in Egypt and in the Kurdistan Region of Iraq said on Thursday it had obtained a one-year $90 million loan from Mashreq Bank.

"In conjunction with the company's cash reserves, the facility will allow full redemption of the sukuk at the maturity date of 31 October 2020," it said.

In July, Dana hired financial firm Houlihan Lokey to advise it on the sukuk, or Islamic bonds, which it had already restructured twice.

The new loan, which pays an initial 3% margin over the London Interbank Offered Rate and could be extended for a further four years, will be repaid when Dana completes a planned sale of its Egyptian assets, it said.

Sources told Reuters last month the company was negotiating details to sell those assets to Texas-headquartered IPR Energy.

The firm shook the global Islamic finance industry in 2017, when it said it would not redeem its $700 million sukuk, arguing they were no longer valid under UAE law because of changes in Islamic financial practice.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 an earlier one in 2012.

(Reporting by Davide Barbuscia; Editing by Edmund Blair)


Stocks mentioned in the article
ChangeLast1st jan.
DANA GAS -1.28% 0.692 End-of-day quote.-27.84%
EURO / DIRHAM (EUR/AED) -0.24% 4.3163 Delayed Quote.5.33%
HOULIHAN LOKEY, INC. 3.27% 64.71 Delayed Quote.32.41%
MASHREQBANK PSC 8.37% 68 End-of-day quote.-3.27%
US DOLLAR / DIRHAM (USD/AED) 0.00% 3.67262 Delayed Quote.0.00%
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Financials
Sales 2020 1 292 M 352 M 352 M
Net income 2020 159 M 43,2 M 43,2 M
Net Debt 2020 177 M 48,2 M 48,2 M
P/E ratio 2020 18,9x
Yield 2020 6,42%
Capitalization 4 878 M 1 328 M 1 328 M
EV / Sales 2020 3,91x
EV / Sales 2021 3,78x
Nbr of Employees 300
Free-Float 74,4%
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Technical analysis trends DANA GAS
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 2
Average target price 0,84 AED
Last Close Price 0,70 AED
Spread / Highest target 28,4%
Spread / Average Target 19,8%
Spread / Lowest Target 11,3%
EPS Revisions
Managers
NameTitle
Patrick Adrian Allman-Ward Chief Executive Officer
Abdul Hameed Dhiya Jafar Non-Independent Non-Executive Chairman
Christopher James Hearne Chief Financial Officer
Richard Helwani Head-Information Technology
Abdul Majid Abdul Hamid Dhia Jafar Managing Director
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