Tuesday, Jun 28, 2011
DUBAI (Zawya Dow Jones)--Abu Dhabi-based Dolphin Energy, in which Occidental Petroleum Corp. (OXY) and Total S.A. (TOT) are shareholders, will launch a U.S. dollar, benchmark bond sale as soon as market conditions improve, a banker familiar with the deal said Tuesday.
"The company is actively monitoring the market over the coming days and will release terms on its U.S. dollar benchmark bond issue in an appropriate window of execution. The transaction may price in the very near future," the banker, who declined to be identified, told Zawya Dow Jones.
Dolphin met fixed income investors in the United Arab Emirates, the U.K. and the U.S. earlier this month, with the last meeting held in New York on June 22.
The Royal Bank of Scotland, BNP Paribas, Abu Dhabi Commercial Bank, Mitsubishi UFJ Securities and SG CIB arranged the meetings on behalf of Dolphin Energy, the banker said.
The company plans to raise more than $1 billion to refinance existing debt, two other people familiar with the situation told Zawya Dow Jones in mid-June.
-By Nikhil Lohade, Dow Jones Newswires, +9714 446 1694, nikhil.lohade@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
28-06-11 1117GMT
