Dana Gas sets out restructured sukuk terms

Dana Gas sets out restructured sukuk terms

DUBAI: Dana Gas, the first UAE group to default on an Islamic bond, is offering bondholders $ 70 million in cash and an average 8 percent coupon on the remaining $ 850 million of debt in a move to buy time to fix its finances. The Abu Dhabi-listed natural gas producer, hit by payment delays on supplies to Egypt and Iraq’s Kurdistan region, missed a bond redemption when the $ 920 million sukuk matured on Oct. 31. It reached a restructuring deal on Nov. 7, potentially averting the seizure of its Egyptian assets.

Honeywell profit below estimates

NEW YORK: Diversified manufacturer Honeywell International Inc. forecast a fiscal 2013 profit largely below estimates, partly hurt by a charge related to an acquisition announced on Monday, and said it expects slow economic growth next year. Chief Executive Dave Cote is known for his strong views on the perils of the fiscal cliff but didn’t mention it as a reason for the weaker-than-expected forecast. The company, which makes cockpit electronics and automotive turbochargers, said it would buy mobile computing devices maker Intermec Inc. for $ 600 million, or $ 10 per share.

Honeywell said the deal, which offers Intermec shareholders a 25 percent premium, will hurt 2013 profit by three to four cents per share. It forecast a profit of $ 4.75 to $4.95 per share, excluding items, on revenue of $ 39.0 billion to $ 39.5 billion for 2013.