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Dolphin energy successfully issues USD 1 billion in New Bonds
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Sunday, 19 Feb 2012

Dolphin Energy Limited announced that it has successfully issued USD 1.3 billion of 10 year senior secured bullet bonds. The initial USD 1 billion bond was priced on February 7th 2012 with an additional USD 300 million tap bond priced on February 9th 2012 due to strong investor demand. The two issues of bonds will be fully fungible, carry a coupon of 5.5% and mature on December 15th 2021.

The USD 1 billion transaction priced at par. The USD 300 million transaction was priced at a 5.34% yield on the back of 101.25% bond price. The USD 1.3 billion bonds have received an A+ rating from Fitch and an A1 rating from Moody's, both with stable outlook.

Mr Ahmed Ali Al Sayegh CEO of Dolphin Energy said that "As a result of strong investor demand we decided to increase the size by another USD 300 million. We were able to attract strong demand and price our bonds at the tight end, despite the current volatile markets."

Mr Al Sayegh said that "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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