Dana Gas sets initial conversion premium of 7.5% sukuk due 2012 at AED 2.118

By Kenneth Lim

Boston, July 14 - Dana Gas, PJSC set the initial conversion premium of its $1 billion convertible sukuk offering at AED 2.118.

The initial conversion premium is 10% above the reference stock price set on July 7 and 29.3% higher than the AED 1.64 common stock price of Dana Gas at the time of the deal's launch in 2007.

The sukuk, due 2012, priced October 2007 with a profit rate of 7.5%.

Barclays Capital and Citi were the joint lead managers of the offering.

Dana Gas, a Sharjah, United Arab Emirates-based regional gas resource company, used the proceeds to fund growth and expand its business.

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