Responses from banks on the refinancing for the $3bn Dolphin pipeline project are expected by the end of March, with financial close scheduled for May, following the launch of the project debt into the bank market.
A total of 25 banks have been contacted by the financial adviser on the project, Royal Bank of Scotland, asking that they confirm commitments on the project in the next six weeks.
The deal will include a bank tranche of $1.5bn, a $500m Islamic tranche, $1.2bn of loans from Total and Occidental, which are the sponsors on the project, and up to $350m from Italian export credit agency Servizi Assicurativi del Commercio Estero (Sace).
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