Abu Dhabi-based Dolphin Energy, in which Occidental Petroleum Corp. (OXY) and Total S.A. (TOT) are shareholders, plans to sell up to $1 billion worth of bonds, a banker aware of the deal said Tuesday.
The initial price talk for the bonds is 370 basis points over 10-year mid-swaps, and the issue could be launched as early as this week depending on market conditions, the banker, who declined to be identified, told Zawya Dow Jones.
The company has told potential investors that it plans to use the bond proceeds to refinance a existing bank facility and to pay a distribution to Dolphin shareholders, the banker said.
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