Dolphin Energy issues $1.3 billion in new bonds

Strong investor demand sees UAE firm tap $300m on top of original $1bn

Dolphin Energy CEO, Ahmed Ali Al Sayegh.
Dolphin Energy CEO, Ahmed Ali Al Sayegh.

Dolphin Energy Limited today announced that it has successfully issued US$1.3bn of ten-year senior secured bullet bonds. The initial US$1bn bond was priced on Tuesday February 7, 2012 with an additional US$300m tap bond priced on Thursday February 9, 2012 due to strong investor demand. The two issues of bonds will be fully fungible, carry a coupon of 5.5% and mature on 15 December 2021.

The US$1bn transaction priced at par. The US$300m transaction was priced at a 5.34% yield on the back of a 101.25% bond price. The US$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.”
 

 

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