United Arab Emirates player Dana Gas has boosted its convertible sukuk offering by a further $125 million to $1 billion.
This is the second time Dana has increased the offering, which launched on 4 October.
JPMorgan is sole bookrunner and lead manager, while Barclays Capital and Citi are acting as joint lead managers.
A sukuk is a Shariah-compliant convertible bond.
Structured as a sukuk al-mudarabah, the Dana Gas sukuk matures in 2012 and has a fixed profit rate of 7.5%.
The reference share price, to which an exchange premium of 10% will apply, will be set in nine months’ time.
The sukuk closing is expected by 31 October. Post-closing it is intended that the bonds will be traded on the professional securities market of the London Stock Exchange.