The two issues of bonds will be fully fungible, carry a coupon of 5.5% and mature on 15 December 2021.
The $1bn transaction priced at par. The $300m transaction was priced at a 5.34% yield on the back of a 101.25% bond price. The $1.3bn bonds have received an A+ rating from Fitch and an A1 rating from Moody’s, both with stable outlook.
Dolphin Energy CEO, Ahmed Ali Al Sayegh, said, “As a result of strong investor demand, we decided to increase the size by another US$300m. We were able to attract strong demand and price our bonds at the tight end, despite the current volatile markets.”
Al Sayegh added, “The level of initial demand and the performance of the bonds in the secondary market demonstrate the great job our staff and sponsors have done in telling Dolphin Energy’s story to investors. The capital markets recognize the strength of the business and appreciate our high credit quality and increased transparency.”
Dolphin Energy Limited was created to develop substantial energy projects throughout the GCC and to create long-term economic wealth and new business opportunities for GCC citizens, far into the future.
Dolphin Energy’s major strategic initiative, the Dolphin Project, involves the production and processing of natural gas from Qatar’s North Field, and transportation of the dry gas by sub-sea export pipeline from Qatar to the UAE, which began in July 2007.
The long term customers for Dolphin gas are ADWEC (Abu Dhabi Water & Electricity Company), DUSUP (Dubai Supply Authority) and OOC (Oman Oil Company). Each has signed a gas supply agreement with Dolphin Energy for 25 years.
Dolphin Energy is owned 51% by Mubadala Development Company, on behalf of the Government of Abu Dhabi – and 24.5% each by Total of France and Occidental Petroleum of the USA.
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