Dolphin syndication completed

23 September 2005
Syndication has been completed on the $1,000 million Islamic tranche of the $3,450 million second bridge financing for the Dolphin gas project, with nine banks joining the five-strong mandated lead arranger (MLA) group. The funds take out a previous $1,360 million bridge signed in 2004 (MEED 15:7:05).

Joining at syndication were: Barclays Capital, China Construction Bank, Commercial Bank of Qatar, Export Development Canada, HSBCAmanah, Natexis Banques Populaires, San Paolo IMI, Societe Generaleand WestLB. The MLAs were ABN Amro, BNP Paribas, Citigroup, Dubai Islamic Bank (DIB)and Gulf International Bank (GIB), with DIB and GIB acting as bookrunners. The four-year facility is priced at 35 basis points (bp) for the first two years and 45 bp for the final two.

Twenty banks acted as MLAs on the conventional tranche, which carried the same pricing. Dolphin's shareholders are Abu Dhabi government-owned Mubadala Development Company, France's Totaland the US' Occidental Petroleum.

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