Mandated lead arrangers (MLAs) are understood to have been appointed for the second tranche of the Dolphin gas project bridge financing. Because the response was so strong, the borrowing will take out the previous $1,360 million bridge loan, signed in 2004 (MEED 23:7:04).

The borrowing consists of a conventional tranche in excess of $2,000 million and a $1,000 million Islamic tranche, dictated by pricing as the client originally planned for the bulk of the financing to be Islamically structured. The four-year facility is priced at 35 basis points (bp) for the first two years and 45 bp for the final two. The previous bridge had an average margin of 50 bp.

In addition to the appointed MLAs, negotiations are understood to be ongoing on the conventional tranche with a number of banks, including Abu Dhabi Investment Company, Ahli United Bank, HSBC, Qatar National Bankand Standard Chartered Bank.

Dolphin Energy’sshareholders are Abu Dhabi government-owned Mubadala Development Company, France’s Totaland the US’ Occidental Petroleum(MEED 10:6:05).