UAE's Dolphin Energy seals $863m loan

Abu Dhabi firm originally raised $3bn through a combination of loans and a bond in 2009
UAE's Dolphin Energy seals $863m loan
By Reuters
Tue 01 Dec 2015 10:37 AM

Dolphin Energy, the Abu Dhabi government-controlled venture that produces and transports natural gas to the United Arab Emirates and Oman, has secured an $863 million loan from banks.

The 15-year loan closed last week, Abu Dhabi fund Mubadala said on Tuesday. Pricing details were not given.

"The shareholders of Dolphin Energy Ltd reached financial close on a 15-year term loan financing for $863 million," a spokesman for Mubadala told Reuters. Mubadala owns 51 percent of Dolphin while Total and Occidental Petroleum Corp each hold 24.5 percent.

In May, banking sources told Reuters that Dolphin planned to raise a $1 billion loan and had invited banks to pitch for a role advising it.

At the time, Dolphin was looking for what bankers termed "incremental finance", meaning that debt would be added to an existing facility either through a new loan or by extending the amount borrowed under the original loan.

The firm originally raised $3 billion through a combination of loans and a bond in 2009; some of this was refinanced through a further bond issue in 2011 worth $1.3 billion.

The Dolphin pipeline supplies 2 billion standard cubic feet of gas per day from Qatar to the UAE and Oman, according to its website.

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