Dana Gas to repay $90mln loan when selling Egypt’s assets

Dana Gas said the facility can be extended for an additional four years at the firm’s option

  
A view shows UAE's Dana Gas building in Cairo November 2, 2012.

A view shows UAE's Dana Gas building in Cairo November 2, 2012.

REUTERS/Mohamed Abd El Ghany
ArabFinance: UAE-based Dana Gas will repay a $90 million (EGP 1.41 billion) credit facility obtained from Mashreq Bank when the planned sale of the Egyptian assets is completed, the company said in a press release.

The natural gas company has entered into the one-year corporate loan at an initial price of 3% per annum margin over the Libor rates, the statement said.

Dana Gas said the facility can be extended for an additional four years at the firm’s option.

In conjunction with the company’s cash reserves, the loan will allow full redemption of the current $309 million (EGP 4.85 billion) worth of sukuk at the maturity date of October 31st, the company added.

Last month, Dana Gas reportedly entered negotiations with Texas-headquartered IPR Energy over the sale of its assets in Egypt.

*At press time, the conversion rate is $1 = EGP 15.71

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