Dana Gas PJSC plans to more than halve profit rates on $700 million of its Islamic bonds after they were found to be non-compliant with religious law, adding a new twist to a debt restructuring initiated in May.
The United Arab Emirates-based energy producer said on Tuesday in a filing that it proposes exchanging $350 million of 9 percent certificates and $350 million of 7 percent exchangeable certificates with a new four-year security paying profit “at less than half of the current profit rates and without a conversion feature.”