Dana Gas plans to use proceeds of Egyptian asset sale to pay sukuk

The UAE’s Dana Gas confirmed in a bourse statement (pdf)on Thursday that it intends to use proceeds from the (reportedly delayed) sale of its Egyptian assets to pay down outstanding sukuk due in October. Dana had initially expected the sale to be completed by the end of March, we reported earlier this month. The Emirati company recently bought back roughly US 17.8 mn of its sukuk and has some USD 379.6 mn outstanding.