FINANCIAL NEWS

UAE’s Dolphin Energy to raise USD1b bond

08 Feb 2012

(MENAFN) Abu Dhabi’s Dolphin Energy said that it would raise USD1 billion bond to refinance the bank debt belonging to the firm and to pay a distribution to its shareholders, reported Emirates 24/7.

The firm, majority-owned by state fund Mubadala, added that the 10-year bond issue would be 144a-compliant, which means that it is also open to institutional US investors.

It also said that initial price guidance for the offering was set at 5.75 percent; moreover, the issue is set to mature on December 15. 2021.

It is worth noting that in July 2009, Dolphin Energy; in which France’s Total and Occidental Petroleum Corp own stakes, raised nearly USD3 billion to help fund a 244-kilometre gas pipeline between Taweelah and Fujairah.

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