DUBAI (Zawya Dow Jones)--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. The company had met with fixed income investors in the United Arab Emirates, the U.K. and the U.S. in June 2011, but eventually delayed issuing a bond due to uncertain global market conditions at the time. Abu Dhabi government investment firm Mubadala owns 51% in Dolphin, with Total and Occidental each holding 24.5% stakes, according to Zawya.com. -By Nikhil Lohade, Dow Jones Newswires, +9714 446 1694, nikhil.lohade@dowjones.com Copyright (c) 2012 Dow Jones & Co.
