Dana Gas announced yesterday that it has reached a settlement agreement that will end the legal battle with holders of its USD 700 mn sukuk, the company said in a statement (pdf). “A committee representing bondholders agreed on terms that offer two options to creditors,” according to Bloomberg. “The first option allows holders to tender their sukuk to the company at USD 0.905 to the USD, including an early participation fee of USD 0.025...the second option offers an immediate payout of 20% of the face value of the existing sukuk, with the rest being rolled over into a new three-year wakala sukuk with a profit rate of 4%.”

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