Abu Dhabi’s Dolphin Energy has appointed a group of banks for a planned bond issue to refinance about $1bn of debt.

The bank group includes France’s BNP Paribas and Societe Generale, the UK’s Royal Bank of Scotland, Japan Bank of Tokyo Mitsubishi, and Abu Dhabi Commercial Bank.

Proceeds from the bond issue will be used to refinance debt that was issued in 2009, as revealed in March (MEED 25:03:11). In 2009, the company raised $1.25bn from a bond issue priced at 337.5 basis points above US treasuries, and $1.4bn from banks priced at 275 basis points rising up to 350 basis points over the 10-year tenor of the loan.

Proceeds from the bond issue will be used to refinance debt that was issue in 2009

It is expected the bond issue will be used to capitalise on the current interest in Middle East bond issue to raise cheaper money to repay some of the exisitng bank debt. A roadshow of international investors is scheduled to take place in mid-June, with a deal completed by the end of the month.

Dolphin Energy is owned by Abu Dhabi investment fund Mubadala Development Company, the US’ Occidental and France’s Total. The company imports Qatari gas into the UAE.