Goldman, BlackRock offer Dana deal to end $700mn debt saga. Dana Gas bondholders, including BlackRock Inc and Goldman Sachs Group Inc, submitted a proposal to the Middle Eastern energy producer to resolve a dispute over a $700mn sukuk that shocked the Islamic finance industry this year. A person close to the company said the terms aren’t acceptable.
The deal, which has support from over 70% of sukukholders, includes a cash pay-down of $300mn at par and a dual-listing of the company’s shares on the London Stock Exchange, the ad hoc committee of bondholders said in a statement. It also sought a maturity extension of three years.
“We have always wished to negotiate a consensual restructuring of the sukuk, in response to the company’s request for an extension,” Andrew Wilkinson at Weil, Gotshal & Manges, which is advising the ad hoc committee, said in the statement. “We hope that Dana’s management sees this as a good proposal, which would deliver a stable capital structure going forward, enabling value creation for all stakeholders.”