Dolphin Energy delays bond sale due to market volatility

29 June 2011

Greek debt crisis delays Abu Dhabi bond plans

Abu Dhabi’s Dolphin Energy has delayed plans to issue a bond that was expected to be more than $1bn as a result of volatility in the financial markets caused by the Greek debt crisis.

The company had planned to issue a bond in late June or early July, that would be used to refinance project finance loans taken out in 2009.

The bond, which sources say could be up to nearly $2bn if market appetite for the deal is strong enough, is now expected to happen later in the year. Banks arranging the transaction say that as soon as market conditions have improved, they expect to move ahead with the deal.

Dolphin has appointed France’s BNP Paribas and Societe Generale, the UK’s Royal Bank of Scotland, Japan Bank of Tokyo Mitsubishi and Abu Dhabi Commercial Bank to arrange the deal (MEED 17:06:11).

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